Sycamore Partners to buy 330 Dollar Tree stores | Business News

Sycamore Partners to buy 330 Dollar Tree stores

31 May 2015 | Author: | No comments yet »

Dollar Tree (DLTR) Plans TO Sell 330 Family Dollar Stores To Sycamore Partners.

NEW YORK (AP) — Dollar Tree said Friday that it has agreed to sell 330 of its stores to the private equity firm Sycamore Partners in order to get regulatory approval for its $8.5 billion purchase of Family Dollar. An overwhelming majority of Family Dollar’s shareholders voted in favor of Dollar Tree’s cash and stock offer of $8.5 billion, even though Dollar General had made a higher bid of $9.1 billion. The combined Dollar Tree will have about $20 billion in revenue and more than 13,000 stores, making it the largest U.S. dollar store chain by store count.

WASHINGTON (AP) — A congressional panel is issuing a subpoena for an IRS official to testify Wednesday at a hearing on the Freedom of Information Act. House Oversight Committee Chairman Jason Chaffetz (CHAY’-fits) says it was issued after the IRS declined to provide the official who oversees information requests. The location of the stores, which are being sold has not been revealed as yet, and it is also not known how much will Sycamore Partners pay for the stores. Furthermore, the acquisition will make it a strong contender against Dollar General, which is currently the dominant player in the discount store category. Family Dollar will continue to operate under its own brand, and will follow its own business model, according to which it sells items at different discount prices.

The deal with the state adds a third data computing center in the Columbus suburb of New Albany to previously announced centers in Dublin and Hilliard.

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