The Seattle-based department store chain Nordstrom announced Monday it agreed to a transaction which will give the Nordstrom family a controlling stake in the retailer, which will go private after a 53-year stint as a public company as the fourth generation of Nordstroms retake control.
Shoppers walk into a Nordstrom department store in San Diego earlier this month.
Brothers Erik and Pete Nordstrom, great-grandsons of founder John W. Nordstrom, lead a consortium also including Mexican retail chain El Puerto de Liverpool.
The family will take a majority stake in the newly private Nordstrom and take the company private upon completion of the all-cash deal.
The transaction will pay out $24.25 to common shareholders, a 42% premium to where shares traded in March upon the first reports of the take-private move, but below Friday’s closing share price of $24.53.
The agreement gives Nordstrom an enterprise valuation of $6.25 billion.
Morgan Stanley advised a special committee of Nordstrom’s board of directors evaluating the deal, which the company expects to close in the first half of 2025.
This is a breaking news story and will be updated.