BJ's Wholesale (BJ) Agrees To $2.8 Billion Private Equity Takeover
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After months of speculation, BJ's Wholesale Club, Inc. (NYSE: BJ) announced Wednesday an agreement to be acquired by affiliates of Leonard Green & Partners, L.P. and funds advised by CVC Capital Partners for $51.25 per share in cash, or approximately $2.8 billion.
The deal come at a approximately 7% premium to the closing price of BJ's shares on June 28, 2011.
Commenting on the deal, Laura Sen, President and Chief Executive Officer of BJ's, said, "BJ's will benefit from the continued execution of our business plan and the significant retail expertise of our new partners at LGP and CVC, as well as from continued investments in our clubs, our people and technology, and the future of our business. Our members will continue to enjoy the top-quality merchandise, outstanding savings and great service that they’ve come to expect from BJ’s on every visit."
The transaction is expected to close during the fourth quarter of 2011.
Morgan Stanley & Co. Inc. acted as financial advisor to BJ’s, and Wilmer Cutler Pickering Hale and Dorr LLP served as its legal counsel.
The deal come at a approximately 7% premium to the closing price of BJ's shares on June 28, 2011.
Commenting on the deal, Laura Sen, President and Chief Executive Officer of BJ's, said, "BJ's will benefit from the continued execution of our business plan and the significant retail expertise of our new partners at LGP and CVC, as well as from continued investments in our clubs, our people and technology, and the future of our business. Our members will continue to enjoy the top-quality merchandise, outstanding savings and great service that they’ve come to expect from BJ’s on every visit."
The transaction is expected to close during the fourth quarter of 2011.
Morgan Stanley & Co. Inc. acted as financial advisor to BJ’s, and Wilmer Cutler Pickering Hale and Dorr LLP served as its legal counsel.
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