Hudson's Bay Company entered into a definitive agreement to acquire Neiman Marcus Group LTD LLC for an enterprise value of approximately $2.7 billion on July 4, 2024. The purchase price is expected to be funded by a combination of equity capital from new and existing shareholders and debt facilities. HBC has secured a $1.15 billion fully committed term loan financing from investment funds and accounts managed by affiliates of Apollo, and a $2 billion fully committed revolving asset based loan facility from Bank of America, Citigroup, Morgan Stanley, RBC Capital Markets, and Wells Fargo.

The Boards of Directors of HBC and Neiman Marcus Group have approved the transaction. The transaction is subject to the receipt of required regulatory approvals, and other customary closing conditions. M. Klein & Company is serving as the lead financial advisor and capital markets advisor to HBC on the acquisition of Neiman Marcus Group and related financings.

Solomon Partners is also serving as a financial advisor to HBC. Elm Street Advisors is serving as strategic, commercial and operational advisor. Deloitte is serving as a financial and tax advisor to HBC.

Willkie Farr & Gallagher LLP is serving as legal counsel to HBC. J.P. Morgan and Lazard are serving as financial advisors to NMG. Sullivan & Cromwell, LLP is serving as legal counsel to NMG.

Berenson & Company served as financial advisor to Insight Partners.