NEW YORK (

TheStreet

) --

J. Crew Group

(JCG)

is close to an agreement to be bought by TPG Capital and Leonard Green & Partners for about $3 billion, according to reports.

TPG and Leonard Green would pay $43.50 a share in cash, or 16% more than J. Crew's closing share price of $37.65 Monday,

Bloomberg

reports, citing two people with knowledge of the matter.

The deal could be announced as soon as Tuesday, but could still fall apart, the people told

Bloomberg

.

Under the deal, TPG Capital, a former owner of J. Crew, would have a 75% stake in the retailer and Leonard Green would own a 25% stake, according to the

Wall Street Journal

, which cited people familiar with the matter.

The private-equity firms plan to work with J. Crew CEO Millard Drexler, who has a more than 5% stake in the company, the people told the

Journal

.

J. Crew reported sales of more than $1.5 billion in its last fiscal year.

The

New York Times

was the first to report on the J. Crew talks.

-- Written by Joseph Woelfel

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Joseph Woelfel

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