Sycamore Partners To Acquire Jones Group For About $1.2 Bln - Quick Facts

(RTTNews) - The Jones Group Inc. (JNY) Thursday announced agreement with Sycamore Partners pursuant to which, affiliates of Sycamore Partners will acquire The Jones Group for approximately $1.2 billion or $15.00 per share in cash.

Assuming net debt, the transaction is valued at approximately $2.2 billion., including net debt. Upon completion of the transaction, The Jones Group will become a privately held company.

The cash offer represents a premium of approximately 19 percent to The Jones Group's 30-day volume weighted average stock price for the period ended April 11.

"This all-cash transaction delivers immediate and compelling value to our shareholders. Sycamore Partners is an experienced investor in the retail sector, and, as a private company, Jones will have the flexibility to help our brands reach their true potential, " said Wesley Card, The Jones Group CEO.

The acquisition is expected to close in the second quarter, subject to customary closing conditions, including receipt of shareholder and regulatory approvals. The acquisition also requires the affirmative vote of a majority of the votes cast by the shareholders.