HBC, the parent of Saks Fifth Avenue, has struck a deal to buy Neiman Marcus Group, the parent company of Neiman Marcus and Bergdorf Goodman, in a $2.65 billion transaction that includes Amazon and Salesforce as minority shareholders.
When the transaction closes, HBC will establish Saks Global, which will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus and Bergdorf Goodman, each of which will continue operations under their respective brands.
Saks Global will combine HBC's US real estate assets and Neiman Marcus Group's real estate assets, creating a $7 billion portfolio that will be managed by Ian Putnam, currently the president and CEO of HBC Properties and Investments.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
