Nordstrom agrees to $6.25 bln buyout deal from founding family (updated)

Nordstrom

23/12/2024 13:46

(Adds details in paragraph 2 - 4)
       Dec 23 (Reuters) - Nordstrom  JWN.N  said on Monday it
would be acquired by its founding family and Mexican retailer El
Puerto de Liverpool in an all-cash deal valuing the department
store chain at about $6.25 billion.
    The deal offers shareholders $24.25 in cash, a slight
discount to the stock's Friday close. Shares of the company were
down nearly 2% before the bell. 
        The acquisition gives the family consisting of CEO Erik
Nordstrom and President Pete Nordstrom a majority ownership
stake in the company and comes at a time when department store
chains across the U.S. are grappling with muted sales amid
higher costs. 
    Reuters had first reported in March, citing sources, that
the founding family was looking to take the company private, six
years after a similar attempt turned out to be unsuccessful.

 (Reporting by Savyata Mishra in Bengaluru; Editing by Devika
Syamnath)
 ((Savyata.Mishra@thomsonreuters.com;))