Sycamore Partners Management, L.P. completed the acquisition of Chico's FAS, Inc. from BlackRock, Inc., The Vanguard Group, Inc. and others.
The transaction is subject to customary closing conditions and approvals, including approval by Chico's FAS shareholders, regulatory approval and expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Transaction is approved unanimously by the Chico's FAS Board of Directors. Sycamore's board also approved the transaction. As per the filling on January 5, 2024, Chico's FAS shareholders approved the transaction. The transaction is expected to close by the end of the first calendar quarter of 2024.
Scott Barshay, Laura C. Turano, Cristina Amodeo, Caith Kushner, Christodoulos Kaoutzanis, Patricia Vaz de Almeida, Jarrett R. Hoffman, Sasha Belinkie, Claudine Meredith-Goujon, Joshua H. Soven, Peter Jaffe, Steven C. Herzog, Robert Holo, Peter E. Fisch, Marta P. Kelly and William J. O'Brien of Paul, Weiss, Rifkind, Wharton & Garrison LLP acting as legal advisors and due diligence provider. Sean D. Rodgers, David B. Feirstein, Michael S. Amalfe, James B. Dickson, Judson A. Oswald and Mikaal Shoaib of Kirkland & Ellis LLP acting as legal advisors and due diligence provider to Sycamore Partners. Solomon Partners Securities, LLC acted as financial advisor and fairness opinion provider to the board of Chico's FAS. Solomon Partners will receive $3.0 million, which was payable upon the delivery by Solomon Partners of its opinion to board and approximately $12.8 million, which is contingent upon the closing of the Merger. Innisfree M&A Incorporated acted as proxy solicitor to Chico's FAS and Innisfree will receive an estimated fee of $25,000. American Stock Transfer & Trust Company, LLC acted as transfer agent to Chico's FAS. UBS Investment Bank acted as financial advisor to Sycamore Partners.
Sycamore Partners Management, L.P. completed the acquisition of Chico's FAS, Inc. (NYSE:CHS) from BlackRock, Inc. (NYSE:BLK), The Vanguard Group, Inc. and others on January 5, 2024.