Home / Knowledge / News / Apparel/Garments / Hudson's Bay completes acquisition of Saks Inc
Hudson's Bay completes acquisition of Saks Inc
05
Nov '13
Hudson’s Bay Company is pleased to announce that it has successfully completed its previously announced acquisition of all of the outstanding shares of Saks Incorporated (“Saks”) for US$16.00 per share in an all-cash transaction valued at approximately US$2.9 billion, including debt.

With the acquisition, HBC creates a premier North American fashion retail business centered on three iconic retail brands – Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue. The combined Company will operate a total of 320 stores, including 179 full-line specialty department stores, 72 outlet stores and 69 home stores in prime locations throughout the U.S. and Canada, along with three e-commerce sites.

The all-cash transaction was financed by a combination of new debt financing (the “Debt Financing”) and approximately US$1 billion of new equity issued by way of a bought deal prospectus offering of 16,050,000 subscription receipts (the “Subscription Receipts”) and a private placement of common shares and common share purchase warrants (the “Private Placement”).

With the completion of the Acquisition, each Subscription Receipt was automatically exchanged into one common share of the Company through the non-certificated inventory system of CDS Clearing and Depositary Services Inc. HBC expects that the Subscription Receipts will be immediately halted from the Toronto Stock Exchange and de-listed after markets close.

Concurrently with the Acquisition, the Company closed a non-brokered private placement pursuant to which an aggregate of 40,050,001 common shares and an aggregate of 5,250,000 common share purchase warrants were issued to HS Investment L.P. (“HSILP”), an affiliate of Ontario Teachers’ Pension Plan, and funds advised by West Face Capital Inc. As previously disclosed, an additional 1,500,000 Warrants were issued to HSILP on July 28, 2013 in consideration of HSILP’s equity investment. All securities issued in connection with the Private Placement are subject to a four month hold period from the date of issuance in accordance with applicable securities laws.

The Debt Financing consists of a US$2 billion senior secured term loan, a US$300 million junior secured term loan and a US$950 million asset-based loan, the proceeds of which were used to finance the Acquisition and related fees and expenses and to refinance certain of the existing debt of the Company and Saks.

Hudson's Bay Company

Must ReadView All

Courtesy: UPM Raflatac

Apparel/Garments | On 17th Jan 2017

New residue free textile label adhesive from UPM Raflatac

Producer of self adhesive label materials UPM Raflatac, has...

Courtesy: Authentic Brands Group

Apparel/Garments | On 17th Jan 2017

Teen retailer Aéropostale reopens 500 stores in US

Teen apparel retailer Aéropostale has reopened 500 stores in the US,...

Courtesy: Centric Software

Information Technology | On 17th Jan 2017

Centric releases version 6.0 of PLM solution

Centric Software, the leading PLM solution for fashion, retail,...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Asim Dalal
Indo Count Retail Ventures

Today, there is no other emerging market as India, "we make in India and...

Sanjay Yagnik
Maa Tex Speciality

‘We suggest reducing dosage of sizing chemicals to reduce sludge...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search