CRM - Saks Fifth Avenue's Parent Company To Buy Neiman Marcus For $2.65B With Amazon's Help: Report | Benzinga
The parent company of Saks Fifth Avenue has reportedly agreed to acquire its rival Neiman Marcus for $2.65 billion. The deal, which is expected to be announced imminently, will see the involvement of Amazon.com Inc. (NASDAQ:AMZN).
What Happened: The acquisition, which has been approved by the boards of both companies, will result in the creation of a luxury retail powerhouse, reported The Wall Street Journal, citing people familiar with the matter.
The deal is being financed by HBC, the holding company that purchased Saks in 2013. Amazon will take a minority stake in the new entity, to be named Saks Global, and provide it with technological and logistical ...