Speculation of a sale and plans to take Nordstrom private began earlier this year.
Following the close of the transaction, the Nordstrom Family will have a majority ownership stake in the Company.
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“The special committee of the Nordstrom Board of Directors reviewed this proposal against the Company’s standalone prospects for growth,” said Eric Sprunk, chairman of the special committee. “Following a rigorous and independent evaluation and consultation with outside financial and legal advisors, the special committee unanimously concluded that this transaction offers greater value for all public shareholders at a significant premium to the unaffected share price.”
“The Nordstrom Board regularly considers alternatives to enhance value, culminating in this most recent process,” added Brad Tilden, chairman of the Nordstrom Board. “I want to thank the special committee for their diligent and thorough work evaluating and negotiating this transaction over the past several months.”
Graciano F. Guichard G., executive chairman of the Board of Directors of Liverpool, noted: “Nordstrom is one of the worldwide leaders in department store retailing, and we’re thrilled to be investing in a company that has meaningfully shaped the industry for nearly 125 years. We are honored to partner with the Nordstrom Family and the Company’s talented team as they continue to deliver outstanding service to customers.”
The transaction is expected to close in the first half of 2025. Upon completion of the transaction, Nordstrom’s common stock will no longer be listed on any public market.
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