HBC to Acquire Neiman Marcus Group for $2.7B; upon closing, a newly created company will incorporate a $7 billion portfolio of prime retail properties in top luxury shopping destinations.

7/8/2024

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CPE

• Subcategory: Retail: Shopping

• Tag: M&A | New Company | Strategy

• Additional Filters-Subcategory: Retail: Mall, Retail: Power Center, Retail: Shopping Center

HBC, the parent company of Saks Fifth Avenue, has agreed to acquire Neiman Marcus Group, the parent company of Neiman Marcus and Bergdorf Goodman, in a $2.7 billion deal. Upon completion of the transaction, HBC will establish Saks Global, merging luxury retail and real estate assets. Current Saks.com CEO Marc Metrick will become the CEO of Saks Global.

Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus and Bergdorf Goodman will continue to operate under their respective brands. The purchase will be financed through a mix of equity from new and existing shareholders and debt facilities. Amazon will be a minority owner in Saks Global and collaborate to drive innovation for customers and brand partners post-transaction. Rhône Capital will be the lead investor. Insight Partners and Salesforce will also become shareholders.