Hudson's Bay Company entered into a definitive agreement to acquire Gilt Groupe Inc. from a group of shareholders for $250 million.
January 06, 2016
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Hudson's Bay Company (TSX:HBC) entered into a definitive agreement to acquire Gilt Groupe Inc. from a group of shareholders for $250 million in cash on January 7, 2016. The consideration is subject to customary requirements. Hudson's Bay (HBC) will fund the purchase price plus transaction costs using cash on hand. The transaction is subject to Gilt shareholder approval. The transaction is expected to close on or about February 1, 2016. Hudson's Bay expects Gilt to contribute approximately $40 million of Adjusted EBITDA by fiscal 2017, which is expected to be generated from both revenue and cost drivers.
Lazard acted as financial advisor and Wilmer Cutler Pickering Hale and Dorr LLP acted as legal advisor to Gilt Groupe. Scotiabank acted as financial advisor and Jonah Mann, Mihkel Voore, Bessie Qu, Jennifer Legge, and Dean Kraus of Stikeman Elliott LLP and Gordon Caplan, Gregory Astrachan, Michael Brandt, Anthony Carbone, Michael Katz, Jeffrey Daniel, Michael Casas, Frances Dales, Timothy Andree, Kapiljeet Dargan, Bradley Brown, Rose Ohanesian, Jennifer Schanes, Natalie Whitaker, Jacob Moss, Amir Ghavi, Dorna Mohaghegh, Hugh McLaughlin and Steven Grant of Willkie Farr & Gallagher LLP acted as legal advisors to Hudson's Bay Company. Matthew W. Abbott and Brian C. Lavin of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors for General Atlantic.
Hudsonâs Bay Company ULC is a Canada-based company. The Company is engaged in delivering fashion, beauty, home decor and accessories. It operates approximately 90 stores across 8 Canadian provinces, along with 3 Hudson's Bay Home locations. Its products include women's clothing, men's clothing, kids and babies clothing, women's shoes, men's shoes, accessories, handbag, luggage and travel. It also offers various other product, such as arts and crafts, books and stationery, computers, electronics, fitness and recreation, food and snacks, health and wellness, home improvement, novelty gifts and games, party supplies, pet supplies and plants and flowers, and sports and outdoor. The Company provides a range of services in personal shopping, beauty services, home furnishing and interior advice, alterations and tailoring, Hudson's Bay optical, watch and jewelry repair, and Hunter Douglas window treatments.