Fashion department store operator Belk Inc said it would be acquired by private equity firm Sycamore Partners in a deal valued at about $3 billion, including debt.

Sycamore, in its biggest ever deal, will pay $68 in cash for each share of Charlotte, North Carolina-based Belk, which operates 297 stores throughout the U.S. South.

Reuters reported in early July that Sycamore was preparing an offer for family-owned Belk at a price ranging between $3 billion and $3.5 billion, including debt.

Tim Belk will continue as Belk's chief executive officer of the 127-year-old company, Belk said on Monday.

The company also said certain shareholders representing a majority of voting power have agreed to vote in favor of the transaction.

Sycamore has investments in other retailers such as apparel makers Aeropostale Inc, Coldwater Creek and Hot Topic Inc.

Goldman Sachs & Co is Belk's financial adviser, Bank of America Merrill Lynch is Sycamore's financial adviser. King & Spalding LLP is Belk's legal adviser and Kirkland & Ellis LLP Sycamore's legal adviser.