Apollo Global Management completed the acquisition of The Michaels Companies, North America's specialty provider of arts, crafts, framing, floral, wall décor, and seasonal merchandise for an equity value of approximately $3.3bn (for a transaction valued at $5bn). The purchase price represents a 47% premium to the closing stock price on February 26, 2021. "Our Michaels strategy and the work that we have done in the past year have led to phenomenal business results, strengthened our core business and positioned Michaels for long-term sustainable growth. We are excited to enter into this new chapter together with Apollo, who shares our strategic vision for Michaels as an omnichannel retailer that offers a one-stop-shop experience for the entire Michaels community. As a private company, we will have financial flexibility to invest in, expand, and improve our retail and digital platforms," Ashley Buchanan, Michaels Chief Executive Officer.