Canada's Hudson's Bay Company has snatched up Saks Inc. in its latest shopping spree, announcing Monday that it has agreed to pay $2.9 billion for the luxury retail chain.
The terms of the deal call for Hudson's Bay, North America's longest continually operated company, to acquire Saks for $16 per share in cash—a premium of roughly 30 percent premium over the target company's average share price in late May, when rumors about a possible sale first emerged. In announcing the acquisition, HBC said it will finance the transaction with a combination of new equity, senior secured loans, senior unsecured notes, and available cash on hand while also refinancing existing debt.
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