Nov 22 - Fashion retailer J Crew Group Inc is close to an agreement to be acquired for $43.50 a share by TPG Capital and Leonard Green & Partners, a source familiar with the situation said on Monday.

Barring any last-minute snags in the talks, an agreement could be announced as early as Tuesday when the retailer is expected to report its quarterly results, said the source, who declined to be named because the talks were not public.

Under terms of the deal, TPG and Leonard Green would work with the company's chairman and chief executive, Millard Drexler, according to The New York Times' DealBook, which first reported the talks. TPG had been a former owner of J Crew.


Reporting by Jessica Hall; Editing by Muralikumar Anantharaman