Private-equity firm Sycamore Partners has agreed to buy Southern department-store chain Belk Inc. for about $3 billion, including debt.

The offer of $68 a share is a discount to Belk's closing price of $78 a share on Friday. The Belk family owns most of the shares in the retailer, which has about 300 stores.

Chief Executive Tim Belk will remain in his post, while the company will remain based in Charlotte, N.C.

The deal is expected to be completed in the fourth quarter of the year.

New-York based Sycamore is a retail-focused firm with interests in brands such as AĆ© ropostale Inc., Coldwater Creek and Talbots.

Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com

 

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(END) Dow Jones Newswires

August 24, 2015 10:25 ET (14:25 GMT)

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