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(Reuters) – Women’s accoutrement maker Ascena Retail Group Inc (ASNA.O) will buy Charming Shoppes Inc (CHRS.O) for $857.2 amateur in banknote as it looks to tap into the growing U.S. plus-size accoutrement market.

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More than a third of U.S. adults are obese, according to abstracts accessible on the Centers for Disease Control and Prevention website.

“Clearly the demographics are actual abundant in favor of the (plus-size) market,” said Stephens Inc analyst Travis Williams.

“The U.S. is added growing earlier and overweight. From that standpoint, that bazaar is alone activity to abide to abound and maybe outdistance the advance of the all-embracing accoutrement market.”

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Ascena will pay $7.35 for every allotment of Charming Shoppes, which specializes in plus-size accouterment for women over the age of 35. This represents a 24.5 percent exceptional to the stock’s aing on Tuesday.

In the aftermost one year, the Charming Shoppes banal rose 67 percent — added than bifold the advance recorded by Ascena shares.

The amount of the accord was $890 million, the companies said in a statement. The accord is account $857.2 amateur based on the cardinal of Charming Shoppes shares on issue, according to Thomson Reuters data.

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Charming Shoppes shares rose 24 percent to $7.31 on Wednesday on the Nasdaq. Ascena shares rose about 14 percent to $21.68 on the aforementioned exchange.

Suffern, New York-based Ascena, which is admired at about $3 billion, sells clothes for women and pre-teen girls beneath the Dressbarn, Maurices and Justice brands. Dressbarn currently has a baby attendance in the plus-size space.

The accord will accord Ascena admission to Charming Shoppes’ added than 1,800 retail food beyond the United States.

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Analyst Williams said Ascena will advance administration of the acquired brands and advice drive sales.

“The abstruse booze actuality is the (Ascena) administration and their adeptness to seamlessly accommodate and again draw out amount from cardinal acquisitions, which is appealing incomparable in retail.”

Ascena acquired the Maurices cast in 2005. In 2009, it bought Tween Brands, now accepted as Justice.

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Bensalem, Pennsylvania-based Charming Shoppes, which has been grappling with abatement sales for four years, assassin Barclays Capital in December to advice it analysis its options.

The company’s banal has jumped about 40 percent back it began reviewing alternatives and absitively to afford the disturbing Fashion Bug assemblage to focus on its flagship Lane Bryant brand.

The company, which additionally owns the Catherines brand, had been accident bazaar allotment to rivals such as Ann Inc ANN.N and Chico’s FAS Inc (CHS.N).

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The accretion will be aloof or hardly add to Ascena’s balance in the aboriginal year of accumulated operations, the companies said.

BofA Merrill Lynch is acting as banking adviser and Proskauer Rose LLP is the acknowledged adviser for Ascena, which will use accessible banknote on duke and costs commitments to armamentarium the deal.

Ascena is additionally said to be absorbed in behest for the Sundance Catalog, a banker endemic by clandestine disinterestedness firms and founded by Hollywood amateur Robert Redford.

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Reporting by Ranjita Ganesan and Meenakshi Iyer; Editing by Joyjeet Das

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