{"id":193245,"date":"2021-03-03T19:29:52","date_gmt":"2021-03-03T16:29:52","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/michaels-to-be-acquired-by-apollo-for-3-3-billion\/"},"modified":"2021-03-03T19:29:52","modified_gmt":"2021-03-03T16:29:52","slug":"michaels-to-be-acquired-by-apollo-for-3-3-billion","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/michaels-to-be-acquired-by-apollo-for-3-3-billion\/","title":{"rendered":"#Michaels to be acquired by Apollo for $3.3 billion"},"content":{"rendered":"

“#Michaels to be acquired by Apollo for $3.3 billion<\/strong>”
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Arts-and-crafts retailer Michaels said it has agreed to be acquired by private equity giant Apollo Global Management in a deal that values the company at $3.3 billion.<\/p>\n

The going-private transaction values Michaels\u2019 outstanding stock at $22 a share, a 47 percent premium to the closing price on Feb. 26, the last trading day before the media<\/a> reported that Michael\u2019s was in play, the companies said.<\/p>\n

The deal with Apollo \u2014 controlled by billionaire Leon Black, who has been weathering a scandal over his ties to dead pedophile Jeffrey Epstein \u2014 is valued at a total of $5 billion including debt.<\/p>\n

Michaels shares on Wednesday rose $4.08, or 23 percent, to $ 22.10 in early trading.<\/p>\n

The arts and crafts retailer has more than 1,200 stores in North America and it had been a go-to stop for consumers looking for something to do during quarantine.<\/p>\n

In the fourth quarter, its comparable sales increased by 16.3 percent compared to a year ago.<\/p>\n

\u201cOur Michaels strategy and the work that we have done in the past year have led to phenomenal business results, strengthened our core business and positioned Michaels for long-term sustainable growth,\u201d Michael\u2019s Chief Executive Ashley Buchanan said in a statement.<\/p>\n

\u201cAs a private company, we will have financial flexibility to invest in, expand, and improve our retail and digital platforms.\u201d\n <\/p><\/div>\n

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Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“#Michaels to be acquired by Apollo for $3.3 billion” Arts-and-crafts retailer Michaels said it has agreed to be acquired by private equity giant Apollo Global Management in a deal that values the company at $3.3 billion. The going-private transaction values Michaels\u2019 outstanding stock at $22 a share, a 47 percent premium to the closing price…<\/p>\n","protected":false},"author":1,"featured_media":193246,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/03\/apollo-buys-michaels.jpg?quality=90&strip=all&w=1200","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[95984,72964,75702,72968,72868,5015],"class_list":["post-193245","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-3-3-21","tag-apollo-global-management","tag-crafts","tag-leon-black","tag-private-equity","tag-retailers"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/193245","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=193245"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/193245\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/193246"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=193245"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=193245"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=193245"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}