Apollo in talks to provide up to $2 billion in financing for Kohl's sale -source

Franchise

09/06/2022 20:34

By Chibuike Oguh
    June 9 (Reuters) - Apollo Global Management Inc  APO.N  is
in talks to provide up to $2 billion in debt financing for the
potential acquisition of department store chain Kohl's Corp
 KSS.N  by retail store operator Franchise Group  FRG.O , a
person familiar with the matter said.
    The discussions between Apollo and Franchise are still at an
early stage and no agreement has been reached, the source said.
An Apollo spokesperson declined to comment. The New York Post
was the first to report on the talks.
    Franchise Group, operators of retail stores such as The
Vitamin Shoppe and Buddy's Home Furnishings, said on Monday it
has entered into a three-week exclusive negotiation to acquire
Kohl's for $60 per share, which values the company at nearly $8
billion. Kohl's stock traded at $46.32 per share on Thursday,
giving it a valuation of about $6 billion.  urn:newsml:reuters.com:*:nL4N2XT38M
   Franchise Group's bid for Kohl's was chosen ahead of other
competing offers for the department store from private-equity
firm Sycamore Partners, Brookfield Asset Management Inc
 BAMa.TO , and Simon Property Group Inc  SPGS.N .  urn:newsml:reuters.com:*:nL2N2XG2LK
  

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EXCLUSIVE-Kohl's braces for bidders revising down offers
-sources     urn:newsml:reuters.com:*:nL2N2XG2LK
Franchise Group enters exclusive talks over Kohl's sale   
 urn:newsml:reuters.com:*:nL4N2XT38M
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 (Reporting by Chibuike Oguh in New York; Editing by Lisa
Shumaker)
 ((Chibuike.Oguh@thomsonreuters.com; +332-999-6154; Reuters
Messaging: chibuike.oguh.thomsonreuters.com@reuters.net))