Hudson”™s Bay Co. will acquire Saks Inc. for $2.9 billion, or $16 per share, the companies announced today.
The deal, expected to close by year”™s end, is subject to approval by Saks shareholders.
Hudson”™s, owner of Lord & Taylor, said the acquisition will create one of North America”™s premier fashion retailers. Richard Baker, the parent company”™s chairman and CEO said the acquisition will increase growth potential in the U.S. and Canada.
“I”™ve had a long connection with Saks over the years, and I”™m thrilled to bring one of the world”™s most recognized luxury retailers into the HBC family,” he said. “With the addition of Saks, HBC will offer consumers an unprecedented range of retailing categories and shopping experiences.”
The combined company will operate 320 stores, including 179 full-line department stores, 72 outlet stores and 69 home stores throughout the U.S. and Canada.
Saks has locations in Woodbury Common and Stamford and Greenwich in Fairfield County, Conn., though the Stamford location is scheduled to close in 2014. Lord & Taylor has one area location in Westchester County, on White Plains Road in the town of Eastchester.
