The Jones Group Inc. has officially changed hands.
Sycamore Partners said it has completed the $2.2 billion purchase of Jones following Monday’s shareholder approval of the $15-a-share takeover offer.
“We are excited to have finalized the acquisition of The Jones Group and are confident this will be a long and successful partnership,” said Stefan Kaluzny, a managing director at Sycamore. “We look forward to working with The Jones Group team to continue to grow this outstanding portfolio of businesses and brands, and create exceptional products for our customers.”
On the outlook for Jones under its new ownership, Jones CEO Wesley Card said in a statement, “We are very pleased to have completed this transaction, which delivers meaningful value to all of our shareholders. Sycamore Partners’ extensive knowledge and expertise in the consumer and retail space will allow The Jones Group’s brands to reach their full potential and continue to resonate with our loyal customers.”
As of today, the common stock of Jones is no longer listed for trading on the New York Stock Exchange.
Jones shares closed on Tuesday 3 cents higher at $14.99 — 1 cent shy of Sycamore’s takeover offer.