<p>J Crew Group Inc said in a statement that it has entered into a definitive agreement to be acquired by funds affiliated with TPG Capital and Leonard Green & Partners.<br /><br />Under the terms of the agreement, shareholders of J Crew will receive USD 43.50 per share in cash, or a total of about USD 3 billion. This represents a premium of 29 per cent to J Crew's average closing share price over the last month.<br /><br />"I am excited to be partnering with TPG Capital (former owner of J Crew )and Leonard Green & Partners on this transaction and our management team, including our President Jenna Lyons, will continue to work towards our future," J Crew Chairman and CEO Millard Drexler said.</p>.<p>Besides, the company said that Millard Drexler will continue as the chairman and chief executive officer and maintain a significant equity investment in J Crew.<br /><br />Drexler, who has been working with the New York-based chain since 2003, positioned the firm as a seller of high-end casual gear and expanded into new areas such as bridal wear.<br />The investor group has secured committed financing from Bank of America Merrill Lynch and Goldman Sachs Bank in USA.<br /><br />Meanwhile, the company said its net income declined to USD 37.8 million for the three-month period ended October 31, from USD 43.9 million in the same quarter of last year, while revenues increased 12 per cent from year-earlier to USD 429.3 million in the quarter under review.</p>
<p>J Crew Group Inc said in a statement that it has entered into a definitive agreement to be acquired by funds affiliated with TPG Capital and Leonard Green & Partners.<br /><br />Under the terms of the agreement, shareholders of J Crew will receive USD 43.50 per share in cash, or a total of about USD 3 billion. This represents a premium of 29 per cent to J Crew's average closing share price over the last month.<br /><br />"I am excited to be partnering with TPG Capital (former owner of J Crew )and Leonard Green & Partners on this transaction and our management team, including our President Jenna Lyons, will continue to work towards our future," J Crew Chairman and CEO Millard Drexler said.</p>.<p>Besides, the company said that Millard Drexler will continue as the chairman and chief executive officer and maintain a significant equity investment in J Crew.<br /><br />Drexler, who has been working with the New York-based chain since 2003, positioned the firm as a seller of high-end casual gear and expanded into new areas such as bridal wear.<br />The investor group has secured committed financing from Bank of America Merrill Lynch and Goldman Sachs Bank in USA.<br /><br />Meanwhile, the company said its net income declined to USD 37.8 million for the three-month period ended October 31, from USD 43.9 million in the same quarter of last year, while revenues increased 12 per cent from year-earlier to USD 429.3 million in the quarter under review.</p>