Amazon assists in $2.65B acquisition of Neiman Marcus by Saks owner

Investing.com – The parent entity of renowned luxury department store chain, Saks Fifth Avenue, has finalized a $2.65 billion acquisition of its competitor, Neiman Marcus. This significant business move is reported to have been facilitated with assistance from e-commerce giant, Amazon.com Inc (NASDAQ:).

The boards of both Saks Fifth Avenue and Neiman Marcus have given their approval for the transaction. An official announcement regarding the deal is expected to be made shortly.

In this new business arrangement, Amazon is set to hold a minority stake in the newly formed company, which is to be named Saks Global. Beyond financial investment, the e-commerce titan also plans to equip Saks Global with its technological and logistical expertise, thereby bolstering the company’s operational efficiency.

At the time of reporting, Amazon has not issued a response to inquiries for comments on the matter.