Chico’s to Be Acquired by Sycamore Partners for $1 Billion

Paul, Weiss is advising Florida-based fashion company Chico’s FAS, Inc. in its sale to a fund affiliated with private equity firm Sycamore Partners. Under the deal, Chico’s FAS shareholders will receive $7.60 per share in cash, representing a 65% premium to the company’s closing stock price.

Chico’s FAS will become a privately held company upon completion of the transaction, expected by the end of the first quarter of 2024, pending customary closing conditions and approvals.

The Paul, Weiss team is led by corporate partners Laura Turano and Scott Barshay and counsel Cristina Amodeo, and includes, among others, corporate partner Christopher Kaoutzanis and counsel Patricia Vaz de Almeida; executive compensation partner Jarrett Hoffman and counsel Sasha Belinkie; intellectual property partner Claudine Meredith-Goujon; litigation partner Joshua Soven, and counsel Peter Jaffe and Steven Herzog; tax partner Robert Holo; real estate partner Peter Fisch; antitrust counsel Marta Kelly; and environmental counsel William O’Brien.