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Hudson's Bay completes acquisition of Saks Incorporated for $2.9bn

RBR Staff Writer Published 05 November 2013

Hudson's Bay Company, a Canadian department store company, has completed its previously announced acquisition of all of the outstanding shares of Saks Incorporated in an all-cash transaction valued at approximately $2.9bn, including debt.

The merger will create a premier North American fashion retail business centered on three iconic retail brands - Hudson's Bay, Lord & Taylor, and Saks Fifth Avenue.

The combined company will operate a total of 320 stores, including 179 full-line department stores, 72 outlet stores and 69 home stores in prime retail locations throughout the US and Canada, along with three e-commerce sites.

Hudson's Bay (HBC) operates Hudson's Bay, Canada's largest department store with 90 outlets as well as thebay.com. It also operates Home Outfitters, Canada's largest home specialty superstore with 69 outlets across the country.

In the US, HBC operates Saks Fifth Avenue, which comprises 41 full-line stores in 20 states, five international licensed stores, saks.com, 69 Saks Fifth Avenue OFF 5TH stores, and saksoff5th.com.

HBC also operates Lord & Taylor, a department store chain with 49 full-line store locations throughout the northeastern United States and in two major cities in the Midwest; and lordandtaylor.com.