Fort Myers-headquartered women’s clothing company Chico’s FAS entered a definitive agreement to be acquired by New York-based private equity firm Sycamore Partners in a $1 billion deal.

Upon completion of the purchase by the firm, which specializes in retail, consumer and distribution-related investments, Chico’s FAS will become a privately held company. Chico’s FAS shareholders will receive $7.60 per share in cash, a purchase price that represents a 65% premium.

The transaction, which was approved unanimously by the Chico’s FAS board of directors, is expected to close by the end of the first calendar quarter of 2024, subject to customary closing conditions and approvals, including approval by Chico’s FAS shareholders and expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.

Chico’s FAS began in 1983 on Sanibel Island and now has three brands—Chico’s, White House Black Market and Soma. As of July 29, the company operated 1,258 stores in the U.S. and sold merchandise through 58 international franchise locations in Mexico and through two domestic franchise locations in airports.