Union, N.J. -- Bed Bath & Beyond Inc. said that it has reached a definitive agreement to acquire Cost Plus in an all cash transaction. The deal is valued at some $495 million, according to Reuters.
Based in Oakland, Calif., Cost Plus currently operates 259 stores under the names World Market, Cost Plus World Market, Cost Plus Imports, and World Market Stores in 30 states.
“We are thrilled about the prospects of welcoming the Cost Plus team and their customers and vendors to the Bed Bath & Beyond family,” said Steven H. Temares, CEO and member of the board of directors of Bed Bath & Beyond.
The boards of directors of both companies have unanimously approved the terms of the transaction, which is expected to close during Bed Bath & Beyond’s fiscal second quarter. Cost Plus will continue to be headquartered in Oakland following the transaction.