Belk Inc. Agrees To Be Acquired By Sycamore Partners In $3 Bln Deal

Belk Inc. said Monday it has agreed to be acquired by private-equity firm Sycamore Partners in a deal with an enterprise value of about $3.0 billion. Shareholders of the family owned and operated department store chain will receive $68 in cash for each share owned, the company said in a statement. Under the terms of the deal, Tim Belk will remain chief executive of the company which will continue to be headquartered in Charlotte and to operate in the southern U.S.. The deal is expected to close in the fourth quarter. Belk shares were indicating higher in light, premarket trade.