NEW YORK CITY-Days after a majority of locally based retailer J.Crew Group’s shareholders voted to approve the retailer’s acquisition by affiliates of TPG Capital and Leonard Green & Partners, the deal has closed. J.Crew said Monday its common stock will be delisted from the New York Stock Exchange following the cash buyout for $43.50 per share, a transaction valued at approximately $3 billion.

TPG and Leonard Green first made the offer to take J.Crew private in November 2010. The agreement, which calls for J. Crew chairman and CEO Millard Drexler to continue in both capacities, also contained a “go shop” period that was extended by one month and closed Feb. 15 without any other offers being submitted. Four interested parties entered into negotiations and confidentiality agreements with J.Crew but did not make bids, the company said in February. 

“As I have always said, we are in this for the long term and we do what we do day in and day out so we can deliver the best possible products to our customers,” Drexler said in a statement in November. “TPG Capital, with whom we have a long working relationship, along with Leonard Green & Partners, are both well respected private investment firms whose substantial resources and experience will enable us to invest in our future growth.”

TPG had taken a 56% stake in J.Crew for $125 million in 1997, and hired Drexler as CEO soon after he stepped down from the top spot at Gap Inc. in 2002. The private equity firm sold off the last of its J.Crew shares in April 2009. TPG and Leonard Green also jointly own pet products retailer Petco.

Cleary Gottlieb Steen & Hamilton LLP acted as legal advisor to J.Crew. The special committee of J.Crew’s board was advised by an independent financial advisor, Perella Weinberg Partners LP, and an independent legal advisor, Cravath, Swaine & Moore LLP. Willkie Farr & Gallagher LLP acted as legal advisor to Drexler. Goldman Sachs and Bank of America Merrill Lynch acted as financial advisors to both TPG and Leonard Green. Ropes & Gray LLP acted as legal advisor to TPG, and Latham & Watkins LLP acted as legal advisor to Leonard Green.