The Michaels Cos., and funds managed by affiliates of Apollo Global Management, have entered into a definitive merger agreement pursuant to which investment funds managed by affiliates of Apollo have agreed to acquire The Michaels Cos. in a transaction that values the retailer at an equity value of approximately $3.3 billion (for a transaction valued at $5.0 billion). Michaels has more than 1,200 stores in North America and roughly 44,000 employees.
“The company’s impressive growth transformation, including our financial and operational performance in the unprecedented environment of the pandemic, led to an unsolicited offer to buy the company,” said James Quella, chairman of the Michaels board of directors. “Following that offer, the board undertook a comprehensive process to test the market and to evaluate the value maximizing path forward for shareholders. The board of directors, informed by that proces
