J. Crew acquisition completed
NEW YORK -- J.Crew Group said Monday its $3 billion deal to be taken private by two investment firms is complete.
Private equity firms TPG Capital and Leonard Green & Partners made a $43.50-per-share buyout offer in November. Shareholders approved the deal last week.
J. Crew and its CEO Mickey Drexler have a history with TPG, which took a majority stake in J. Crew in 1997 and remained majority shareholder until the preppy apparel retailer went public in 2006.
J. Crew's shares will be delisted from the New York Stock Exchange.