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Liberty Tax to acquire Vitamin Shoppe for $208M

Liberty Tax Inc. on Aug. 8 said the company will buy nutritional products retailer Vitamin Shoppe Inc. in a deal valued at approximately $208 million.

Virginia-based Liberty Tax will pay Vitamin Shoppe shareholders $6.50 per share, representing a premium of 43% to the company's closing share price Aug. 7. The company will finance approximately $170 million of the transaction through debt financing and the rest with cash and shares.

The tax preparation services firm said the move is in line with its strategy to acquire franchise-centric businesses. Vitamin Shoppe has over 750 retail outlets under Vitamin Shoppe and Super Supplements banners.

The transaction is expected to be completed in the fourth quarter of the year, subject to approval from Vitamin Shoppe shareholders and other customary closing conditions.

Troutman Sanders LLP acted as legal counsel to Liberty Tax. Kirkland & Ellis LLP was the legal counsel to Vitamin Shoppe, and BofA Merrill Lynch was its financial adviser.

The acquisition comes nearly a month after Liberty Tax bought Buddy's Newco LLC, which owns Buddy's Home Furnishings.