Arts and crafts retailer Michael’s announced it would be taking the company private in a $3.3 billion deal with Apollo Global Inc.
Apollo Global has agreed to purchase all outstanding shares of Michaels for $22 a share, a 47% premium based on their market value on February 26. The deal is worth approximately $5 billion in transaction value.
The deal is expected to close sometime in the first half of the 2021 fiscal year.
Michaels stock has had an excellent year, gaining 366% since this point in 2020.
Shares of Michaels stock are currently trading for around $18.02, up 6.94% in this morning’s market. Michaels will announce its fourth quarter earning report on March 4 before market open.