King & Spalding Advises Belk, Inc. on $3 Billion Acquisition by Sycamore Partners

Wednesday, September 9, 2015 - 09:54

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 August 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 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).