Chicos FAS (CHS) to Be Acquired by Sycamore Partners for $1 Billion, $7.60 Per Share
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Chico's FAS, Inc. (NYSE: CHS) ("Company" or "Chico's FAS") today announced that it has entered into a definitive agreement to be acquired by Sycamore Partners, a private equity firm specializing in retail, consumer and distribution-related investments. Upon completion of the transaction, Chico's FAS will become a privately held company.
Under the terms of the agreement, Chico's FAS shareholders will receive
"Through this investment, we are gaining additional expertise, financial resources and strategic flexibility to fuel the growth of our company and three powerful brands: Chico's, White House Black Market and Soma," said
"We are pleased to have reached this agreement with Chico's FAS and its Board of Directors. We have long admired the Company's three iconic brands, including Chico's, White House Black Market and Soma," said
The transaction, which was approved unanimously by the Chico's FAS Board of Directors, is expected to close by the end of the first calendar quarter of 2024, subject to customary closing conditions and approvals, including approval by Chico's FAS shareholders and expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The transaction is not subject to a financing condition.
The definitive agreement includes a 30-day "go-shop" period that will expire at
Upon completion of the transaction, Chico's FAS common stock will no longer be listed on the New York Stock Exchange.
Solomon Partners, L.P. is acting as financial advisor to Chico's FAS, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor.
Kirkland & Ellis LLP is acting as legal advisor to Sycamore Partners.
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