Written by: Press Trust of India
1 min readNew YorkNov 24, 2010 03:56 AM IST
First published on: Nov 24, 2010 at 03:56 AM IST
Two private equity PE firms TPG Capital and Leonard Green amp; Partners are nearing a deal to buy clothing retailer J Crew Group Inc for 3 billion,a media report has said.
Attributing to people familiar with the matter,The Wall Street Journal reported that a pair of PE firms are close to a deal to acquire clothing retailer J Crew Group Inc for 43.50 a share in cash,or about 3 billion.
Under the deal being considered,TPG Capital,a former owner of J Crew,would have a 75 per cent stake in the company and Los Angeles firm Leonard Green amp; Partners would own a 25 per cent stake,the report noted.
According to the publication,a deal could be announced as soon as today. The PE firms plan to work with J Crew CEO Millard Drexler,who has a more than five per cent stake in the company according to the most recent regulatory filings,it added. The report said that J Crew,TPG and Leonard Green declined to comment on the issue.
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