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KKR Seals a Deal for Dollar General

Shares of the discount retailer jumped nearly 26% on news of the buyout

Dollar General (DG) said Mar. 12 that it will be bought by the private equity firm Kohlberg Kravis Roberts & Co. for around $7.3 billion plus $380 million of net debt, as the Goodlettsville (Tenn.) discount retailer revamps its struggling business.

Under the agreement, Dollar General investors will receive $22 in cash per share, representing a premium of around 31% over the stock's closing price on Mar. 9. The stock rose 25.6% to $21.07 on the New York Stock Exchange March 12.