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GlobeSt.com UPDATE: $5B Neiman Buyout Will Close by October

DALLAS-Texas Pacific Group and Warburg Pincus LLC advance the $5.1-billion, all-cash deal for Neiman Marcus while Kate Spade, which is 56% owned by the luxury retailer, sets out to test the capital markets for "strategic alternatives.

By Jennifer D. Duell | Updated on September 19, 2005

(For more retail coverage, click GlobeSt.com/RETAIL.)

DALLAS-The Neiman Marcus Group Inc.’s planned acquisition by an investment group consisting of Texas Pacific Group and Warburg Pincus LLC will be complete by October. The acquisition, approved by Neiman’s shareholders in August, is valued at nearly $5.1 billion.

As part of the acquisition, Neiman shareholders will receive $100 per share in cash from the Texas Pacific Group, based in Fort Worth, and the New York City-headquartered Warburg Pincus. Texas Pacific has previously invested in J. Crew, Petco, Burger King Corp., Continental Airlines and Metro-Golden-Mayer while Warburg Pincus has interests in health care, media, technology and energy companies.

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