JPMorgan to buy Sears credit & financial services business
03 Sep '05
4 min read
Use of Proceeds:
Although Sears has not yet made any final determination as to the use of proceeds, it contemplates that the net after-tax proceeds will be used primarily to make substantial cash distribution to shareholders and for general corporate purposes. The amount and timing of any distribution are still to be determined.
Goldman, Sachs & Co served as advisor to Sears Canada on the transaction.
Toronto based online merchant firm Sears Canada with a network of 122 full-line department stores, 217 off-mall stores, 62 home improvement showrooms, over 2,200 catalogue merchandise pick-up locations, 113 Sears Travel offices and a nationwide home maintenance, repair, and installation network.
JPMorgan Chase & Co is a leading global financial services firm with assets of $1.2 trillion and operations in more than 50 countries. The company has approximately 95 million credit cards issued. Under the JPMorgan, Chase and Bank One brands, the firm serves millions of consumers in the United States and many of the worlds most prominent corporate, institutional and government clients.
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