Crafts retailer Michaels Companies to be bought by Apollo Global in $5 billion deal

Reusable buying luggage are displayed beneath a checkout counter at a Michaels craft retailer in Cincinnati, Ohio.

Luke Sharrett | Bloomberg | Getty Images

Arts and crafts retailer Michaels Companies mentioned Wednesday it agreed to be bought by the non-public fairness agency Apollo Global Management in a deal valued at $5 billion.

Apollo will purchase all excellent Michaels inventory for $22 per share. That represents a 47% premium to the closing value on Friday, the day earlier than hypothesis of the deal was publicized in the media. The fairness worth of the deal is $3.3 billion.

Michaels mentioned the phrases of the deal have been unanimously permitted by its board.

Michaels shares soared greater than 9% in premarket buying and selling. Its inventory is up greater than 366% over the previous 12 months, as of Tuesday’s market shut. Michaels has a market cap of $2.66 billion.

Read the complete press launch right here.

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