Sycamore Partners has entered into a definitive merger agreement to acquire 100% of Belk (OTC: BLKIB) at an estimated enterprise value of $3 billion. As outlined in the deal, the company's shareholders will receive $68 per share in cash. Founded in 1888, Belk is a fashion department store with close to 300 locations across 16 states in the U.S. South. It offers an assortment of brands and private-label apparel, shoes and accessories along with cosmetics, wedding registry services and home merchandise. The transaction is expected to close in 4Q.