Saks Fifth Avenue parent HBC to acquire Neiman Marcus Group in $2.65 billion deal
What companies are involved in the $2.65 billion deal?
Saks Fifth Avenue's parent company, Hudson's Bay Company (HBC), is acquiring Neiman Marcus Group in a $2.65 billion deal. The combined entity will be called Saks Global, which will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman.
What will the new combined entity be called?
The new combined entity resulting from the acquisition of Neiman Marcus Group by Saks Fifth Avenue parent HBC will be called Saks Global. This new entity will comprise Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman, as well as the real estate assets of both Neiman Marcus Group and HBC.
Who will lead the Saks Global business?
Saks.com CEO Marc Metrick will lead the Saks Global business as the chief executive, and Ian Putnam, president and CEO of HBC Properties and Investments, will become CEO of Saks Global's property and investments business. Both will report to HBC CEO Richard Baker, who will serve as executive chairman at Saks Global.