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Sycamore Partners to buy department store chain Belk for $3 billion

Belk Inc, a fashion department store operator, announced Sycamore Partners is buying it in a transaction valued at $3 billion, including debt. Sycamore will pay $68 in cash per share for Belk. Belk operates 297 stores throughout the U.S.

In July it was reported Sycamore was preparing an offer to buy Belk at a price between $3 billion and $3.5 billion, including debt.

Tim Belk will remain with the firm in his role as chief executive officer.

Goldman Sachs & Co is Belk’s financial adviser. Bank of America Merrill Lynch is Sycamore’s adviser.