Consumer
Nexus Gets $765 Million Financing for Big Lots Acquisition
- The deal is subject to better offers and a potential auction
- Proposed sale would pay off a large amount of Big Lots’ debt
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A federal judge approved Nexus Capital Management as the lead bidder to acquire Big Lots Inc. after the private equity firm obtained $765 million in committed financing to support its proposed acquisition of the discount retailer out of bankruptcy.
Judge J. Kate Stickles said Friday that she would approve the deal, which is in the form of a so-called stalking horse bid. That means it’s subject to better offers, should any materialize before a noon deadline on October 28.