U.S. retail chain At Home Group Inc said on Thursday private equity firm Hellman & Friedman will take the company private in a deal valued at $2.8 billion, at a time when demand for home decor and home-furnishing products is booming.
People spending longer at home due to COVID-19-triggered restrictions has fueled demand for home decor and home furnishing products, boosting retailers such as At Home, RH and Wayfair Inc.
Shares of At Home rose 14% in morning trading, following the offer from Hellman & Friedman that represents a premium of about 17.4% to the stock’s close on Tuesday, a day before reports of a potential deal surfaced.
“At Home’s differentiated, low-cost operating model is disruptive to the traditional home channels and provides a strong opportunity for market share gain,” Hellman & Friedman Partner Erik Ragatz said.
Source: Reuters.com