New York -- U.S. clothing company J. Crew Group Inc. said Tuesday it had agreed to sell itself to two investment funds for $3 billion.
The price, at $43.50 per outstanding common share, represents a 29 percent premium over the company's average closing price in October, J. Crew said in a statement.
The buyers are TPG Capital and Leonard Green & Partners, L.P.
The firm said Chairman and Chief Executive Officer Millard Drexler would continue in his roles as head of the company and "maintain a significant investment in J. Crew."
Drexler said, "As I have always said, we are in this for the long term and we do what we do day in and day out so we can deliver the best possible products for our customers."