HBC, the parent company of Saks Fifth Avenue, and Neiman Marcus Group (NMG), the parent of Neiman Marcus and Bergdorf Goodman, have announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR Act) for their planned transaction. Under the terms of the agreement, HBC will acquire NMG for $2.65 billion.
The expiration of the HSR Act waiting period fulfills one of the conditions required for the transaction to proceed. The deal is still subject to other customary closing conditions. Until the transaction is finalized, HBC and NMG will continue to operate independently.
About HBC
HBC is a diversified holding company with interests spanning technology, retail, and real estate. It is the majority owner of Saks, a leading luxury fashion ecommerce destination, and Saks OFF 5TH, a luxury off-price ecommerce retailer. These businesses were established as separate entities in 2021. HBC also wholly owns Hudson’s Bay, a major premium retailer in Canada with a national network of stores and TheBay.com, as well as SFA, which operates Saks Fifth Avenue’s physical locations, and O5, the operating company for Saks OFF 5TH stores.
With substantial real estate holdings across North America, HBC controls approximately 42 million square feet of gross leasable area, either directly or through joint ventures. HBC Properties and Investments, the company’s real estate and investment division, oversees these assets along with other real estate ventures, including its property development arm, Streetworks Development.
Founded in 1670, HBC is North America’s longest-operating company, with headquarters in New York and Toronto. For more details, visit www.hbc.com.
About Saks Fifth Avenue
Saks Fifth Avenue is a premier luxury retailer known for its curated selection of fashion and personalized service. Established in 1924, Saks Fifth Avenue offers an exceptional shopping experience through its digital platform and 38 stores across North America.
For more information, visit Saks.com, or follow Saks on Instagram, TikTok, Facebook, and LinkedIn.
About Neiman Marcus Group
NMG is the parent company of Neiman Marcus and Bergdorf Goodman, renowned luxury retailers in the U.S. The company has successfully evolved into a profitable luxury business by focusing on revolutionary customer experiences, an integrated retail model, and a highly curated product selection. NMG’s culture emphasizes belonging and celebrates individual talents within its 10,000+ associates. For more information, visit neimanmarcusgroup.com or follow NMG on LinkedIn, Instagram, and YouTube.
