CHARLOTTE, NC -- Charlotte-based department store Belk, Inc. announced on Monday that it has entered into a definitive merger agreement whereby investment funds managed by New York-based private equity firm Sycamore Partners will acquire 100% of Belk in a transaction estimated at approximately $3 billion.

Under the terms of the merger agreement, all Belk stockholders will receive $68 per share in cash for each share of Belk common stock they own. Additionally, Tim Belk will remain CEO of Belk and the company will continue to be headquartered in Charlotte. The merger agreement was unanimously approved by Belk's board of directors.

The merger is subject to certain customary conditions, including the receipt of regulatory and stockholder approval, and is expected to be completed in the fourth quarter of calendar 2015.

Belk is the nation's largest family owned and operated fashion department store company, with close to 300 stores located in 16 Southern states.