(Reuters) -Nordstrom has agreed to be acquired by its founding family and Mexican retailer El Puerto de Liverpool in a deal that values the luxury department store operator at about $6.25 billion, including debt.
The company’s shareholders will get $24.25 in cash for each share held, an increase from the $23 apiece offer made in September.
The offer price represents a 42% premium to the stock’s unaffected close on March 18. Reuters exclusively reported on March 19 that the founding family was seeking to take Nordstrom (NYSE:) private, six years after a similar attempt proved unsuccessful.
Nordstrom’s shares were down nearly 2% before the bell on Monday.
The acquisition gives the family consisting of CEO Erik Nordstrom and President Pete Nordstrom a majority ownership stake in the company and comes at a time when department store chains across the U.S. are grappling with muted sales amid higher costs.
Nordstrom had formed a special committee in February in response to interest expressed by Erik and Pete Nordstrom for a possible deal.
The transaction is expected to close in the first half of 2025, the company said.
