Hudson's Bay Company entered into a definitive agreement to acquire Neiman Marcus Group LTD LLC for $2.7 billion on July 3, 2024. The purchase price is expected to be funded by a combination of equity capital from new and existing shareholders and debt facilities. HBC has secured a $1.15 billion fully committed term loan financing from investment funds and accounts managed by affiliates of Apollo, and a $2 billion fully committed revolving asset based loan facility from Bank of America, Citigroup, Morgan Stanley, RBC Capital Markets, and Wells Fargo. The Boards of Directors of HBC and Neiman Marcus Group have approved the transaction. The transaction is subject to the receipt of required regulatory approvals, and other customary closing conditions. As of July 4, 2024, Saka calls Amazon for help to buy Neiman Marcus, Amazon would take a minority stake in new company which will be called as Saks Global. Marc Metrick, chief executive of Saks?s e-commerce business, will run the combined companies. As of August 21, 2024, Neiman Marcus announced the expiration of the waiting period under HSR Act.

M. Klein and Company, LLC acted as financial advisor to HBC. Solomon Partners, LP acted as financial advisor to HBC. Deloitte Financial Advisory Services LLP acted as financial advisor to HBC. Deloitte LLP acted as tax advisor to HBC. Gregory Astrachan, Michael Brandt, Viktor Okasmaa, Michael Wolynski and Tej Prakash of Willkie Farr & Gallagher LLP acted as legal advisor to HBC. Lazard, Inc. acted as financial advisor to Neiman Marcus. JPMorgan Chase & Co. acted as financial advisor to Neiman Marcus. Melissa Sawyer, Lauren S. Boehmke, Jeannette E. Bander, Neal McKnight, Davis J. Wang, Renata B. Hesse, Ha Jin Lee, Samantha F. Hynes, Michael Rosenthal, Mehdi Ansa and Robert M. Schlei of Sullivan & Cromwell LLP acted as legal advisor to Neiman Marcus. RBC Capital Markets acted as the financial advisor to Hudson's Bay Company. Morgan Stanley acted as the financial advisor to Hudson's Bay Company. Jefferies LLC acted as financial advisor to Saks Global. BofA Securities, Inc. acted as financial advisor to Saks Global. Citigroup Global Markets Inc. acted as financial advisor to Saks Global.

Hudson's Bay Company completed the acquisition of Neiman Marcus Group LTD LLC on December 23, 2024. The transaction is financed through a combination of equity contributions from new investors, including Amazon, Authentic Brands Group, Salesforce, M. Klein & Company, G-III Apparel Group, and others, an issuance of $2.2 billion of Senior Secured Notes, and an Asset-Based Lending (ABL) revolving credit facility. Existing investors, including Rhône, Insight Partners, Abu Dhabi Investment Council, Abrams Capital, and others are maintaining their ownership in the new structure. Marc Metrick will serve as CEO of Saks Global Operating Group, and Ian Putnam will serve as CEO of Saks Global Properties & Investments. Both will report to Richard Baker, Saks Global?s Executive Chairman.