Saks Incorporated To Be Acquired By Hudson Bay

Canadian chain Hudson's Bay company has agreed to buy retailer Saks Incorporated in an all-cash deal.

The transaction is valued at $2.9 billion, including debt.

Under the terms, the Hudson's Bay Company will pay 16-dollars a share for Saks.

The deal pairs Saks Fifth Avenue with Lord and Taylor, which is also owned by Hudson's Bay Company.

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