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Saks Fifth Avenue (Photo credit: paulswansen)
Canadian retail conglomerate Hudson?s Bay Company is snatching up America?s upscale department stores.
The parent company of tony Lord & Taylor has now set plans to acquire Saks Fifth Avenue, including its iconic Fifth Avenue flagship store in Manhattan, for $16.00 per share in an all-cash transaction valued at roughly $2.9 billion, including debt.
The acquisition is expected to close before the end of the year.?Saks Inc. currently operates 41 Saks Fifth Avenue stores and 67 OFF 5TH outlet stores.
(NRDC Equity Partners, parent company of Hudson?s Bay, purchased Lord & Taylor in 2006.)
In a press statement, HBC, which operates Hudson?s Bay and Home Outfitters, Canada?s largest department store and home chain, respectively, said it would seek to enhance Saks? ?market-leading position and identity as a luxury retailer.?
With this new deal, HBC plans to expand the Saks brand into Canada via full-line stores, outlet stores and online.
?We are excited about what this opportunity and being part of a much larger enterprise can mean for the future of the Saks Fifth Avenue brand,? Steve Sadove, Chairman and CEO of Saks, said in a statement.
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