Apollo Global Management Inc is in talks to provide up to $2bn in debt financing for the potential acquisition of department store chain Kohl’s Corp by retail store operator Franchise Group , a person familiar with the matter said.
The discussions between Apollo and Franchise are still at an early stage and no agreement has been reached, the source said. An Apollo spokesperson declined to comment. The New York Post was the first to report on the talks.
Get the week’s top news delivered directly to your inbox – Sign up for our newsletter
Franchise Group, operators of retail stores such as The Vitamin Shoppe and Buddy’s Home Furnishings, said on Monday it has entered into a three-week exclusive negotiation to acquire Kohl’s for $60 per share, which values the company at nearly $8 billion. Kohl’s stock traded at $46.32 per share on Thursday, giving it a valuation of about $6 billion.
Franchise Group’s bid for Kohl’s was chosen ahead of other competing offers for the department store from private-equity firm Sycamore Partners, Brookfield Asset Management Inc, and Simon Property Group Inc.
Source: Reuters
Can’t stop reading? Read more
Advance Capital Partners to acquire 60% stake in Mass in major Adriatic retail deal
Advance Capital Partners to acquire 60% stake in Mass in major Adriatic retail deal Advance...
Neuberger Berman closes $2.8bn co-investment fund, exceeding target as LP demand accelerates
Neuberger Berman closes $2.8bn co-investment fund, exceeding target as LP demand accelerates...
Ardian to acquire majority stake in high-voltage specialist MasterGrid from Andera Partners
Ardian to acquire majority stake in high-voltage specialist MasterGrid from Andera Partners Ardian...