The End: Sears to Buy Lands' End for $1.9 Billion - TheStreet

Sears

(S) - Get Report

said it plans to buy catalog and Internet retailer

Lands' End

(LE) - Get Report

for $1.9 billion in cash, or $62 a share. That price would represent a 22% premium to Friday's closing price of $51 for Lands' End stock.

The deal is expected to close in June. Sears says it will be slightly dilutive or break-even to earnings in 2002 and 2003 and "significantly" accretive in 2004.