AP News

Signet Jewelers to buy Ultra Stores for $57M

Signet Jewelers Ltd. said Monday that it plans to buy jewelry chain Ultra Stores Inc. from Crystal Financial LLC for about $57 million in cash.

The deal will expand the retail jeweler's presence to the outlet mall setting that Ultra focuses on. Signet, based in Bermuda, operates more than 1,300 stores in the U.S. under the Kay Jewelers and Jared The Galleria of Jewelry brands. It operates about 500 stores in the U.K. under the H. Samuel and Ernest Jones brands.

Ultra, based in Chicago, operates 165 stores in 33 states, according to its website

Signet will not assume any debt in connection with the acquisition.

Signet shares rose $1.13, or 2.3 percent, to $50.33 in morning trading. The stock has ranged between $40.74 and $51.44 in the past 52 weeks.

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