Hingham, Mass.-based Talbots Inc. has entered into a definitive agreement with Sycamore Partners (New York) to acquire the specialty retailer, a transaction valued at $369 million.
The sale is expected to close in the third quarter of this year, Business Watch reports. Under the terms of the agreement, Talbots stockholders will receive $2.75 in cash for each outstanding share of common stock they own.
"We are pleased with the value this transaction delivers to our stockholders and believe that this is a positive development for all of our stakeholders,” says Trudy Sullivan, president and ceo, Talbots. “Sycamore Partners is a strong investor with substantial resources and expertise, and we look forward to operating as a private company under their ownership."
Talbots operates 516 stores in 46 states and Canada.