Members of the Nordstrom family, including CEO Erik Nordstrom, in collaboration with Mexican retailer El Puerto de Liverpool, have unveiled plans to take Nordstrom Inc. private in a $6.25 billion all-cash deal. The transaction, involving seven law firms, will see the Nordstrom family and Liverpool acquire all remaining common shares of the company for $24.25 per share.
The deal, announced Monday, reflects a 42% premium over Nordstrom’s closing stock price before reports of the potential transaction surfaced in March.
Nordstrom’s special committee of directors is advised by Sidley Austin LLP and Perkins Coie LLP. WilmerHale, Lane Powell PC, and Davis Wright Tremaine LLP represent the Nordstrom family, while Simpson Thacher & Bartlett LLP and Galicia Abogados SC counsel Liverpool.
CEO Erik Nordstrom expressed optimism about the deal, saying, “Today marks an exciting new chapter for the business. We look forward to ensuring Nordstrom thrives long into the future.”
Founded in 1901, Nordstrom has grown into a retail giant with over 350 locations. After months of speculation, the company confirmed in September it had received a proposal from the Nordstrom family and Liverpool, initially valuing the retailer at $3.8 billion.
