TORONTO — Several North American department stores are joining forces under a deal that will see Hudson’s Bay Co. buy Neiman Marcus and spin it out into a larger business along with some of its other prestige retailers.

HBC’s US$2.65 billion acquisition, announced Thursday, delivers Canada’s oldest company ownership of Dallas-based Neiman Marcus Group, which has a network of 38 luxury department stores under the Neiman Marcus and Bergdorf Goodman banners. Both brands sell designer apparel, accessories and housewares.