Amazon.com.mx previously has sold Kindle e-books since its launch in 2013.
Investment banking firms TPG Capitol and Leonard Green & Partners will buy the apparel retailer.
Publicly traded J. Crew Group Inc. is going private.
In deal valued at about $3 billion, J. Crew, No. 50 in the Internet Retailer Top 500 Guide, has given preliminary approval to be acquired and taken private by investment banking firms TPG Capitol and Leonard Green & Partners.
Under the terms of the deal TPG and Leonard Green will acquire all of the outstanding common shares of J. Crew for $43.50 per share. The sale has been approved by the J. Crew board of directors and the deal is expected to close some time before June of 2011.
J. Crew CEO Millard Drexler will stay on as CEO, with a significant but yet to be disclosed stake in the company, according to J. Crew.
“After a thorough assessment, based on independent financial and legal advice, we concluded this transaction will maximize value for shareholders,” says J. Crew board member Josh Weston, who also headed up a special committee to evaluate the deal. “We are also pleased to have successfully negotiated for J.Crew's public shareholders a robust 'go-shop' provision that extends beyond the holiday season."
TPG and Leonard Green will use financing from Bank of America, Merrill Lynch and Goldman Sachs Bank USA to pay for the transaction, says J. Crew.
In the third quarter J. Crew reported:
•An increase in direct sales of 11.8% to $117.9 million from $105.5 million in the third quarter of 2009.
•An increase in total sales of 3.6% to $429.3 million from $414.1 million in the third quarter of 2009.
• Comparable-store sales decreased 1%.
• A decrease in net income of 13.9% to $37.8 million from $43.9 million in the prior year.