Apollo Global Management announced Wednesday that it would acquire the crafts retailer Michaels in a deal that valued the company at $5 billion.

The acquisition is a bet that Michaels can continue to ride the wave of enthusiasm for crafting spurred by Americans stuck at home during the pandemic. The company has also invested in its digital business, starting both curbside and same-day delivery.

Shares of the retailer, which has more than 1,200 stores in North America and some 44,000 employees, have risen nearly 300 percent over the past year, giving it a market capitalization of around $2.3 billion.

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Source: New York Times

By Lauren Hirsch