Limited will receive no money from the deal and expects to record an after-tax loss of approximately $42 million on the transaction, the company said.
In taking ownership, Sun agreed to contribute $50 million of equity capital to the clothing chain and arrange for a $75 million credit facility, Limited said. The 251-store chain posted annual sales of $493 million last fiscal year.
Limited also said it completed the sale of 75 percent of its Express clothing chain to affiliates of Golden Gate Capital LP.
Limited agreed in May to sell only a 67 percent interest, but both sides agreed to increase Golden Gate's stake, Limited said.
Limited expects the sale's after-tax cash proceeds to be about $425 million, making an after-tax gain of about $188 million.
"We have moved from a portfolio of brands and businesses to an enterprise powered by two world-leading brands: Victoria's Secret and Bath and Body Works," Chairman and Chief Executive Officer Leslie Wexner said.