The Jones Group has accepted a buyout offer of $15 per share in cash, or a total of approximately $1.2 billion, from private equity firm Sycamore Partners. Upon completion of the deal, Jones, whose brands include Nine West, Anne Klein and Easy Spirit, will become a privately held company.
“This business, which I founded nearly 45 years ago, has expanded into a global portfolio of powerful brands,” stated Sidney Kimmel, Jones’s chairman. “I am proud of our heritage and believe the Jones Group’s brands will thrive through our partnership with Sycamore.”
The acquisition, which is structured as a one-step merger with The Jones Group as the surviving corporation, is subject to customary closing conditions, including receipt of shareholder and regulatory approvals. The transaction is currently expected to close in the second quarter of 2014. At least three shareholder rights law firms have already said they are investigating the buyout.