The Jones Group accepted a buyout offer from private equity firm Sycamore Partners, The New York Times The Dealbook reported. The midmarket fashion brands owner will have an equity value of $1.2 billion as the widely-speculated deal finally comes to fruition. With Sycamore taking on debt worth $1 billion, the enterprise value of the deal is now worth $2.2 billion. At $15 per share, the private equity firm's offer is a 19% premium on the volume weighted average of Jones Group stock price before rumors of the deal first came out in April, the report said.

In recent quarters, sales of Jones Group which owns brands like Nine West, Easy Spirit and Anne Klein, have declined. After activist hedge fund Barington Capital bought a 2% stake in the company, Jones Group put itself on the auction block this summer. The sale also comes after shares of Jones had plunged from an all-time high of $40 over ten years ago and a high of close to $18 this year.

In a statement, Jones Group's Chairman Sidney Kimmel said "This business, which I founded nearly 45 years ago, has expanded into a global portfolio of powerful brands. I am proud of our heritage and believe the Jones Group's brands will thrive through our partnership with Sycamore."

Although shareholders must still give their approval for the deal, Sycamore and Jones expect the deal to be completed in the second quarter of 2014.

Jones Group was advised by Citigroup while the company's board was advised by Peter J. Solomon Company. The firm also got legal advice from Cravath, Swaine & Moore while legal advice to the board was provided by Skadden, Arps, Slate, Meagher & Flom. Meanwhile, Sycamore Partners was advised by Bank of America Merrill Lynch and Guggenheim Securities. The private equity firm obtained legal advice from Winston & Strawn, Simpson Thacher & Bartlett and the Law Offices of Gary M. Holihan.