Willkie Advises Saks Global on Acquisition of Neiman Marcus Group

Willkie advised leading luxury retail and real estate company Saks Global on its acquisition of Neiman Marcus Group for a total enterprise value of $2.7 billion.

On December 23, 2024, Saks Global announced that it finalized its acquisition of Neiman Marcus Group (NMG) for a total enterprise value of $2.7 billion. Saks Global now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue, and Saks OFF 5TH, each continuing to serve customers under their own brand. The acquisition was announced on July 4, 2024.

Powered by data-driven technology and with a strengthened financial position, Saks Global is primed post-transaction to deliver personalized, inspiring shopping experiences, and to be a stronger partner to brands in reaching their target customers.

New investors in Saks Global include Amazon, which will work with Saks Global to innovate on behalf of customers and brand partners, and Authentic Brands Group, Salesforce and G-III Apparel Group, among others.

Also under the new post-transaction Saks Global structure is Saks Global Properties & Investments, which includes Saks Fifth Avenue and Neiman Marcus flagship properties with a $7 billion Gross Asset Value portfolio in luxury markets and is responsible for executing strategic transactions.

The transaction was financed through a combination of equity contributions from new investors, including Amazon, Authentic Brands Group, Salesforce, M. Klein & Company, G-III Apparel Group, and others, an issuance of $2.2 billion of Senior Secured Notes, and an Asset-Based Lending (ABL) revolving credit facility. Existing investors, including Rhône, Insight Partners, Abu Dhabi Investment Council, Abrams Capital, and others are maintaining their ownership in the new structure. As a result of this transaction, HBC’s Canadian business and real estate assets and Saks Global were separately financed.