Department store chain Belk Inc. says it has agreed to sell itself to New York-based private equity firm Sycamore Partners and go private in a deal that it valued at about $3 billion.
Under the terms of the agreement, Belk stockholders will receive $68 for each of their shares. Tim Belk will remain as the company's CEO and the company will remain based in Charlotte, North Carolina.
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Belk said certain shareholders representing the bulk of its shares have agreed to vote in favor of the deal. The company operates nearly 300 stores in 16 Southern states.
The deal has been unanimously approved by Belk's board, but remains subject to shareholder and regulatory approvals. It's expected to close in the fourth quarter of calendar 2015.