Tuesday, May 7, 2019

ascena retail group Completes Sale of maurices

BusinessWire
ascena retail group, inc. yesterday announced that it has completed the sale of Maurices Incorporated to an affiliate of OpCapita LLP. The transaction is valued at approximately $300 million. The Company received approximately $210 million in cash before expenses, and an approximately 49.6% interest in the OpCapita affiliate that is now the owner of maurices. ascena will continue to support maurices on its shared business services platform through a managed services agreement, including support for IT, supply chain, sourcing and certain back office functions.

The announcement follows the March 25, 2019 news release in which ascena announced it had entered into a definitive agreement to sell the maurices business.. . . more