The Neiman Marcus Group Inc., Dallas, agreed to be sold to two private equity firms for about $5.1 billion, Neiman Marcus said yesterday.
The announcement follows the news of Saks reaching an agreement to sell its Proffitt's/McRae's department stores to Belk Inc. for $622 million. These developments are the latest in a series of retail-related deals during the past six months.
The Neiman Marcus buyers are Texas Pacific Group, which has a majority stake in J. Crew, and Warburg Pincus. They will acquire all outstanding class A and B shares of the Neiman Marcus Group for $100 per share in cash. The stock closed at $98.32 on Friday.
Neiman Marcus is also reportedly close to selling its credit card business in a separate deal that could bring more than $500 million.
Neiman Marcus is a luxury multichannel marketer that operates stores, catalogs and online operations under the Neiman Marcus and Bergdorf Goodman names. The company also owns the Horchow direct marketing business.
Chantal Todé covers catalog and retail news and BTB marketing for DM News and DM News.com. To keep up with the latest developments in these areas, subscribe to our daily and weekly e-mail newsletters by visiting www.dmnews.com/newsletters