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Journalism of Courage
Two private equity (PE) firms TPG Capital and Leonard Green & 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 & 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.
