CHARLOTTE, North Carolina, Aug. 26, 2015 — King & Spalding advised Belk, Inc., the nation's largest family-owned and -operated department store company, in its acquisition by private equity firm Sycamore Partners in a deal valued at approximately $3 billion.
Sycamore Partners will acquire 100 percent of Belk in the transaction, which was announced Aug. 24. The deal is expected to be completed in the fourth quarter of this year. Under the terms of the agreement, all Belk stockholders will receive $68.00 per share in cash for each share of Belk common stock they own. Tim Belk will remain CEO of Belk and the company will continue to be headquartered in Charlotte.
The deal is the latest to demonstrate the expertise of King & Spalding's Mergers & Acquisitions team. Bloomberg and Thomson Reuters recently identified the firm as a leading global advisor for M&A and private equity transactions. Bloomberg ranked King & Spalding 16th in the United States, and Thomson Reuters ranked it 20th, for the first half of 2015.
The King & Spalding team on this transaction was led by partner Jack Capers (Atlanta/Palo Alto) and included partners Rick Bange (Charlotte) and Keith Townsend (Atlanta); counsel Rob Leclerc (New York); and associates Nathan Mihalik (Atlanta) and Sawyer Duncan (Atlanta).
More information about this deal can be found here.
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