Saks Inc., the company behind the Saks Fifth Avenue department store chain, has been purchased by Canadian retailer Hudson’s Bay Company in a deal worth £1.9 billion.
According to Hudson’s Bay Company, which also owns the Lord & Taylor department store chain, the deal will allow them to introduce Saks Fifth Avenue stores, outlets and online shopping to Canada.
Boards for both companies have approved the deal, which will see Hudson’s Bay Company taking on some debt, though it still needs the consent of Saks shareholders.
After the deal is completed, Saks will retain its New York City headquarters. Hudson’s Bay Company will also oversee Saks as a separate brand and will keep on some of its up management.