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Nordstrom Family, Partner to Take Retailer Private in $6B Deal
Members of the founding family have partnered with Mexican retail company El Puerto de Liverpool to acquire Nordstrom.
The Nordstrom Men’s Store in New York City. The Seattle-based retailer is set to go private after being acquired by members of the Nordstrom family and Mexican retail company El Puerto de Liverpool.
Seattle—Nordstrom Inc. will soon go private, set to be acquired by members of the founding family and a retail partner.
Erik, Pete, and Jamie Nordstrom, alongside other members of the Nordstrom family, teamed up with Mexican retail company El Puerto de Liverpool to purchase the retailer in an all-cash transaction valued at $6.25 billion.
In September, the family and the retailer offered to buy the company for $3.8 billion in cash, or $23 per share.
The Seattle-based department store chain had attempted to go private in 2017, courting private equity firms, but turned down an $8.4 billion offer in 2018 due to the “low” price.
“Nordstrom is one of the worldwide leaders in department store retailing, and we're thrilled to be investing in a company that has meaningfully shaped the industry for nearly 125 years,” said Graciano F. Guichard G., executive chairman of the board of directors of Liverpool.
Shareholders will receive $24.25 per share, which is a premium of approximately 42 percent compared to its share price on March 18, as per Nordstrom’s press release. That’s the last day the stock was traded prior to news spreading that it may go private.
Its shares currently trade on the New York Stock Exchange.
The retailer’s $2.7 billion in debt will remain outstanding.
At the close of the transaction, the Nordstrom family will have a majority ownership stake in the company with 50.1 percent owned by the family and 49.9 percent owned by Liverpool.
“We're grateful to the employees, customers and shareholders who have shaped Nordstrom into the company it is today,” said Pete Nordstrom, chief brand officer of Nordstrom.
“Since our founding in 1901, we have been committed to providing our customers with the best possible service and to improving it every day. We look forward to building on that commitment in this next phase of the company's evolution.”
The retailer’s board of directors, minus Erik and Pete Nordstrom who had recused themselves, unanimously approved the transaction following the unanimous recommendation of a special committee of independent and disinterested directors.
“Following a rigorous and independent evaluation and consultation with outside financial and legal advisors, the special committee unanimously concluded that this transaction offers greater value for all public shareholders at a significant premium to the unaffected share price,” said Eric Sprunk, chairman of the special committee.
The board will also authorize a special dividend of up to 25 cents per share when the transaction is complete.
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Erik, Pete, and Jamie Nordstrom, alongside other members of the Nordstrom family, teamed up with Mexican retail company El Puerto de Liverpool to purchase the retailer in an all-cash transaction valued at $6.25 billion.
In September, the family and the retailer offered to buy the company for $3.8 billion in cash, or $23 per share.
The Seattle-based department store chain had attempted to go private in 2017, courting private equity firms, but turned down an $8.4 billion offer in 2018 due to the “low” price.
“Nordstrom is one of the worldwide leaders in department store retailing, and we're thrilled to be investing in a company that has meaningfully shaped the industry for nearly 125 years,” said Graciano F. Guichard G., executive chairman of the board of directors of Liverpool.
Shareholders will receive $24.25 per share, which is a premium of approximately 42 percent compared to its share price on March 18, as per Nordstrom’s press release. That’s the last day the stock was traded prior to news spreading that it may go private.
Its shares currently trade on the New York Stock Exchange.
The retailer’s $2.7 billion in debt will remain outstanding.
At the close of the transaction, the Nordstrom family will have a majority ownership stake in the company with 50.1 percent owned by the family and 49.9 percent owned by Liverpool.
“We're grateful to the employees, customers and shareholders who have shaped Nordstrom into the company it is today,” said Pete Nordstrom, chief brand officer of Nordstrom.
“Since our founding in 1901, we have been committed to providing our customers with the best possible service and to improving it every day. We look forward to building on that commitment in this next phase of the company's evolution.”
The retailer’s board of directors, minus Erik and Pete Nordstrom who had recused themselves, unanimously approved the transaction following the unanimous recommendation of a special committee of independent and disinterested directors.
“Following a rigorous and independent evaluation and consultation with outside financial and legal advisors, the special committee unanimously concluded that this transaction offers greater value for all public shareholders at a significant premium to the unaffected share price,” said Eric Sprunk, chairman of the special committee.
The board will also authorize a special dividend of up to 25 cents per share when the transaction is complete.
The transaction is expected to close in the first half of 2025, subject to regulatory and other conditions.
It requires the approval of holders of two-thirds of the company's common stock and the holders of a majority of the shares of the company not owned by the Nordstrom Family or Liverpool or their respective affiliates and the company's directors and Section 16 officers.
The transaction will be financed through a combination of rollover equity by the Nordstrom Family and Liverpool, cash commitments by Liverpool, up to $450 million in borrowings under a new $1.2 billion bank financing agreement, and the company’s cash on hand.
“For over a century, Nordstrom has operated with a foundational principle of helping customers feel good and look their best,” said Erik Nordstrom, CEO of Nordstrom.
“Today marks an exciting new chapter for the business. On behalf of my family, we look forward to working with our teams to ensure Nordstrom thrives long into the future.”
Nordstrom ranked No. 12 on National Jeweler’s 2024 “$100 Millon Supersellers” list, with an estimated $533 million in jewelry and watch sales in 2023.
Fellow retailer Macy’s had also been in talks to go private, but ultimately ended the buyout talks this past summer, while HBC, the parent company of Saks Fifth Avenue, entered into an agreement in July to acquire Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman.
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