Jones Apparel Group, known for its mid-priced clothing, plans to acquire Barneys New York, Inc. in a deal worth $400 million.
With the deal, Jones hopes to boost its retail business and move into luxury apparel.
Jones will pay $19 for each Barneys share and will fund the repurchase of about $106 million in Barneys debt, according to news reports.
Barneys will continue to operate as a standalone company under its current management team.
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