The Ascena Retail Group, which owns Lane Bryant, Dressbarn and Justice, has announced its acquisition of Ann Inc., owner of women’s clothing and accessories brands Ann Taylor, Loft, and Lou & Grey.

The cash and stock deal is valued at $2.16 billion. Ann stockholders will get $37.34 in cash and .68 shares of Ascena stock for each Ann share they own.

In a call to investors, Ascena shared that the deal “creates one of the largest and most diversified specialty apparel retail companies.” Ascena will have more than 4,900 stores in North America once the deal goes through. 

JCK