(Reuters) - Private equity firm Thomas H. Lee Partners will buy a majority stake in Party City, North America's largest retailer of party goods such as balloons and Halloween costumes, in a deal that values the company at $2.7 billion.
The retailer's current private equity owners -- Advent International Corp, Berkshire Partners LLC and Weston Presidio -- as well as Party City management will have "significant minority stakes" in the company after the deal, according to a statement released by all the firms on Tuesday.
(This story was corrected to reflect deal values company at $2.7 billion)
(Reporting By Michael Erman; Editing by Gerald E. McCormick)
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