Ascena goes shopping, buys Ann Taylor for $2B

The Ascena Retail Group is buying the owner of Ann Taylor and Loft in a deal valued at about $2.16 billion.

The purchase of Ann Inc. would give Ascena combined annual sales of $7.3 billion. Ann Taylor will join a stable of retail clothing stores owned by Ascena, including Lane Bryant, Justice, Dress Barn and Cacique, according to The Associated Press.

The buyout, which was unanimously approved by the boards of both companies, is targeted to close later this year and doesn't require approval by Ascena stockholders.

Read more from The Associated Press.