Belk Inc., the 127-year-old department-store chain concentrated in the southern U.S., agreed to be acquired by private-equity firm Sycamore Partners for about $2.7 billion in cash.

Belk investors will receive $68 per share, with the transaction valuing the retailer at about $3 billion on an enterprise basis, the companies said in a statement on Monday. Under the terms of the deal, Tim Belk will stay chief executive officer of the department-store chain and it will keep its headquarters in Charlotte, North Carolina.

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