Talbots to Be Acquired by Sycamore Partners

Talbots has agreed to be acquired by an affiliate of the private equity firm Sycamore Partners, the two companies said Thursday. Under the agreement, Sycamore Partners will acquire all the outstanding common stock of Talbots for $2.75 per share in cash. A previous offer from Sycamore Partners had called for $3.05 a share, but then negotiations stalled. In the press release issued Thursday, the companies said that the current transaction is valued at about $369 million when debt is included. The transaction is expected to close in the third quarter of this year.