Apollo to acquire Claire's for $3.1bn

Under the terms of the agreement, Claire's shareholders will receive $33 in cash for each share of Claire's common stock or class A common stock they hold.

Claire's operates approximately 3,000 stores in the US, Canada, Puerto Rico, the Virgin Islands, the UK, Ireland, France, Switzerland, Austria, Germany, Spain, Portugal, Holland and Belgium.

Claire's Stores, Inc. also operates through its subsidiaries internationally.

Peter Copses, a senior partner at Apollo, said, 'We believe that the increased flexibility available to a private company will enable Claire's to capitalise on the many opportunities before it, both here and abroad. We have a long track record of successful investment in the retail industry and are firmly committed to Claire's continued growth as a highly successful global specialty retailer.'

Apollo is currently investing from its sixth corporate fund, Apollo Investment Fund VI, which, with its related affiliates, has committed capital of approximately $12bn.

A few weeks ago, Apollo agreed to acquire Smart & Final for $22 per share in cash. The estimated total enterprise value of the transaction, including the value of the company's existing debt obligations, net of cash, is approximately $812.9m.

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