Arts-and-crafts retailer Michaels Cos. Inc. MIK, +22.31% announced Wednesday that it has entered into an agreement with Apollo Global Management Inc. APO, +0.48%, taking the company private. The deal has an equity value of $3.3 billion and a transaction value of $5 billion. Apollo will acquire all outstanding shares of Michaels stock for $22 per share, a 47% premium to the closing stock price on February 26. Michaels shares soared 9.5% in premarket trading, and have skyrocketed 366% over the past year. The S&P 500 index SPX, -0.44% is up nearly 29% over the last 12 months. The deal is expected to close during the first half of Michaels’ fiscal year. Michaels will announce fourth-quarter earnings on March 4 before the opening bell, but in light of the agreement, the company will not host an earnings conference call.
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