Done Deal for Toys R Us
Updated from 8:15 a.m. EST
The game is up for
Toys R Us
(TOY)
. The struggling toy company said Thursday that it had agreed to a $6.6 billion buyout offer from a group of three private equity firms.
Kohlberg Kravis Roberts, Bain Capital and Vornado Realty Trust will be equal partners in the company. The offer is valued $26.75 a share. The buyers will also assume company debt.
"We are pleased to announce this transaction, which brings our strategic review to a very successful conclusion," the company said in something of an understatement.
Toys R Us, which saw its category killer status erased by low-cost competition from
Wal-Mart
(WMT) - Get Report
and others, has been seeking a buyer for its toy unit since last August. The company had planned to focus on its fast-growing Babies R Us unit, but later signaled a willingness to sell the whole company.
The deal is expected to close by July.
Shares were trading up 58 cents, ot 2.3%, to $25.35, having traded at $15 in early August.