Sycamore Buys Talbots

It was revealed on Thursday that clothing brand Talbots TLB is about to be acquired by an affiliate of Sycamore Partners. Both of the companies came forward with the news. Sycamore Partners will acquire all of Talbots' outstanding common stock for $2.75. That will value TLB at roughly $369 million. Hat purchase price represents a 113% premium on the May 30 closing price. Talbots CEO Trudy Sullivan said, "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. Sycamore Partners is a strong investor with substantial resources and expertise, and we look forward to operating as a private company under their ownership.” Meanwhile, Sycamore Managing Director Stefan Kaluzny said, "We believe in the Talbots brand and its more than 8,000 Associates. We look forward to a long and successful partnership with Talbots serving its many loyal customers.” An affiliate for Sycamore Partners will now enter a tender offer for all Talbots outstanding shares. That offer will have to satisfy minimum tender conditions and get through a bunch of red tape before the deal is concluded, though it is expected to go through relatively smoothly. Follow me @BCallwood.