Saks owner nears US$2.65bil Neiman buy

Merger plan: A Saks Fifth Avenue store in New York City. The company’s move to acquire Neiman Marcus Group will unite America’s two largest high-end department-store chains. — AFP

NEW YORK: The owner of Saks Fifth Avenue is close to acquiring Neiman Marcus Group for US$2.65bil, according to a person familiar with the matter – a deal that would unite America’s two largest high-end department-store chains in a bid to grab a bigger share of a slowing industry.

Amazon.com Inc and Salesforce Inc will help facilitate the deal by Saks owner Hudson’s Bay Co. The tech companies will take minority stakes in a new company, called Saks Global, according to the person.