09:14 AM EDT, 07/05/2024 (MT Newswires) -- The parent company company of Saks Fifth Avenue will acquire Neiman Marcus Group in a deal valued at $2.65 billion, while Amazon.com ( AMZN ) and Salesforce ( CRM ) will invest in a new operation created by the combination, the luxury retailers said Thursday.

Canada-based Hudson's Bay and Neiman Marcus said in a joint statement that HBC will create Saks Global after the deal closes. The unit will comprise the Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus and Bergdorf Goodman businesses while they operate under their respective brands.

According to the retailers, Amazon ( AMZN ) will be an investor in Saks Global while Salesforce ( CRM ) will be invested in the new company. The value of the investments was not disclosed.

Saks.com Chief Executive Marc Metrick will lead Saks Global, while HBC Executive Chair and CEO Richard Baker will be chair of the new business.

The boards of HBC and Neiman already approved the transaction, which will be financed by equity capital from new and current shareholders and debt facilities, according to the companies. They said in the statement that HBC has already secured $1.15 billion in term loan financing from funds and affiliates of Apollo Global Management ( APO ) and a fully committed $2 billion loan facility from Bank of America ( BAC ) , Citigroup ( C ) , Morgan Stanley (MS), Wells Fargo ( WFC ) , and RBC Capital Markets.

Neither Amazon ( AMZN ) nor Salesforce ( CRM ) immediately responded to MT Newswires' requests for comment.

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