US: BJ's Wholesale Club sold to private-equity firms
BJ's Wholesale Club has entered an agreement to be sold to two private-equity firms
Private-equity firms Leonard Green & Partners and CVC Capital Partners have struck a deal to buy US retailer BJ's Wholesale Club for around US$2.8bn.
The funds put forward a proposal almost two weeks ago to buy the retailer. Under the terms of the agreement, announced today (29 June), BJ's shareholders will receive US$51.25 per share in cash – representing an approximately 7% premium to the closing price of the retailer's shares on 28 June.
Leonard Green first indicated in March that it could make a bid for BJ's, which a month earlier had said it was mulling a possible sale of the company.
BJ's Wholesale Club president Laura Sen said: "BJ's will benefit from the continued execution of our business plan and the significant retail expertise of our new partners at LGP and CVC, as well as from continued investments in our clubs, our people and technology, and the future of our business."
The sale is subject to the approval of BJ's shareholders, customary closing conditions and regulatory approvals. It is expected to close during the fourth quarter of the year.
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