Hudson’s Bay Buys Saks

Hudson’s Bay and Saks Incorporated are planning to merge. Hudson’s Bay has acquired Saks for $16 per share in an all-cash transaction valued at approximately $2.9 billion, including debt.

The transaction has been approved by each company’s board of directors and is expected to close before the end of the calendar year, subject to approval by Saks shareholders and regulatory approvals.

The merger will bring together Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue, which will combined will operate 320 stores, including 179 full-line department stores, 72 outlet stores and 69 home stores throughout the U.S. and Canada, along with three e-commerce sites.