Nordstrom Goes Private: Family and Mexican Retailer Seal $6.25 Billion Deal

Century-old department store Nordstrom has announced an agreement to go private in a $6.25 billion acquisition by Nordstrom family members and a Mexican retail group. Shareholders will receive a 42% premium on their shares. The board approved the deal, with Nordstrom family members recusing from the vote.

The iconic Nordstrom department store, a fixture in retail for over a century, is set to go private following a $6.25 billion acquisition. This pivotal agreement involves key Nordstrom family members and a noted Mexican retail group.

As part of the acquisition, Nordstrom shareholders are promised a notable $24.25 in cash per share, a substantial 42% premium based on the stock's value as of March 18, when initial reports of the potential transaction emerged.

The company's board of directors, unanimously approving the acquisition, noted that family members Erik and Pete Nordstrom abstained from voting. This strategic move will ultimately see the Nordstrom family securing a majority stake post-transaction.

(With inputs from agencies.)