Saks Owner Is Said to Acquire Neiman Marcus in High-End Retail Deal

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In a move that will further consolidate the luxury retail market, the parent company of Saks Fifth Avenue has agreed to acquire Neiman Marcus in a $2.65 billion deal, creating the ultimate high-end department store behemoth, two people close to the negotiations said on Wednesday. The new group’s only real rivals in the United States will be Macy’s, which also includes Bloomingdale’s, and Nordstrom. As part of the deal, Amazon will take a minority stake in Saks Global, the two people said. HBC, which also owns the Canadian department store chain Hudson’s Bay, is financing the acquisition with $2 billion it has raised from existing investors. Affiliates of the investment firm Apollo Global Management are providing $1.5 billion in debt.

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