​​​​​​​Davis Polk, Kirkland Steer Victoria's Secret Deal Worth $1.1B

By Elise Hansen (February 20, 2020, 11:14 AM EST) -- Sycamore Partners, represented by Kirkland & Ellis, will take Victoria's Secret private at a $1.1 billion valuation while Bath & Body Works will operate as a standalone company, the businesses' parent, Davis Polk-steered L Brands, said Thursday.

Private equity shop Sycamore Partners will buy a 55% interest in Victoria's Secret for roughly $525 million, while L Brands will hold on to a 45% stake, the announcement said. The deal covers Victoria's Secret Lingerie, Victoria's Secret Beauty and PINK. Bath & Body Works, another L Brands portfolio company, will become a standalone, publicly owned company, the announcement said.

The deal comes as...

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