Over the Paywall – Good Info News Wire
Key Facts Section
- Saks Fifth Avenue’s parent company HBC is acquiring Neiman Marcus for $2.65 billion.
- Amazon will take a minority stake in the new company, Saks Global, and provide technology and logistical expertise.
- Salesforce will also hold a minority stake and assist with artificial intelligence adoption.
Three-Point Summary
- HBC, the parent company of Saks Fifth Avenue, has agreed to buy Neiman Marcus for $2.65 billion, with significant contributions from existing investors and Apollo Global Management.
- Amazon and Salesforce will both become minority stakeholders in the new entity, Saks Global, enhancing their existing partnerships by providing technology, logistical expertise, and AI integration.
- The acquisition follows Neiman Marcus’s bankruptcy in 2020 due to the impact of pandemic lockdowns on the luxury goods market.
Article Summary
Reuters reported that HBC, the parent company of Saks Fifth Avenue, finalized a $2.65 billion acquisition of Neiman Marcus, with Amazon taking a minority stake in the new company, Saks Global, and contributing technology and logistical expertise. Salesforce will also become a minority shareholder, aiding in AI adoption. The acquisition, approved by the boards of both companies, follows Neiman Marcus’s 2020 bankruptcy due to pandemic-related declines in luxury goods demand. The deal is financed through $2 billion from existing investors, including Rhone Capital and the Abu Dhabi Investment Council, and $1.15 billion in debt financing from Apollo Global Management.
Read the Full Story finance.yahoo.com
Read More Over the Paywall News
Republish this article
This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License.
All Good Info News Wire articles are open source through CC BY-NC-ND 4.0. You are free to copy and redistribute the material in any medium, as long as you follow these guidelines:
-
You must give Good Info News Wire credit, including https://goodinfo.news/ and the author’s name.
-
Stories may be edited for in-house style or to shorten, but you must indicate if any changes were made.
-
You can publish our graphics and any photos that are credited to Good Info News Wire with the stories with which they originally appeared.
-
Don’t sell the story, publish it behind a paywall, or sell ads against the story. However, you can publish it on a page with ads you’ve already sold.