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Neiman Deal To Close by October

DALLAS-Texas Pacific Group and Warburg Pincus LLC advance the $5.1-billion, all-cash deal for Neiman Marcus.

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

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.

In a related move, Kate Spade LLC, of which Neiman Marcus owns 56%, has started an evaluation of future “strategic alternatives” that could possibly include the sale of the company, which designs, manufactures and sells handbags, stationery, shoes, glasses, books and a home collection. “At this stage in our growth, it makes good business sense for the company to explore all options available,” Kate Spade LLC CEO and creative director Andy Spade said in a press release.

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