Friday, April 12, 2019

Sycamore Pockets $1 Billion From Deal That Amazed Wall Street

Sycamore Partners is under scrutiny after completing a deal that left even seasoned leveraged-buyout experts agog. On Tuesday, Sycamore pulled off a $5.4 billion refinancing of Staples Inc., which it bought in 2017, that funded a staggering $1 billion dividend to the private equity firm.

The dividend is among the biggest in recent memory, even in a world where buyout firms routinely extract large sums for themselves after taking companies private. . . . more