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Report: L Brands close to selling 55% of Victoria's Secret to Sycamore

L Brands Inc. is close to finalizing a deal to sell 55% of Victoria's Secret to private equity firm Sycamore Partners Management LP in a transaction that could value the lingerie brand at about $1.1 billion, The Wall Street Journal reported Feb. 19, citing people familiar with the matter.

An announcement could be made as soon as Feb. 20, the report said. CNBC had earlier reported that the talks were extended as advisers continue to go over the complex structure of the deal.

L Brands did not immediately respond to S&P Global Market Intelligence's request for comment.

If the parties agree on a deal, Sycamore Partners would take Victoria's Secret private, with L Brands retaining its 45% stake in the business, the Journal most recently said.

The sources reportedly told the newspaper that L Brands Founder Leslie Wexner will step down from his roles as chairman and CEO as part of the move. Wexner will remain on the board of L Brands and retain stakes in both L Brands and Victoria's Secret, the report added. The executive has a 10.55% stake in L brands as of May 15, 2019.

In 2018, L Brands sold its lingerie brand La Senza to an affiliate of private equity firm Regent LP and incurred $80 million in charges as a result of the deal.

If L Brands proceeds with the sale, the company would be left with Bath & Body Works LLC as its only surviving brand since PINK is also part of the Victoria's Secret business.

The apparel retailer acquired the Victoria's Secret brand, along with six stores and a catalog, for $1 million in 1982.