Hudson's Bay Company Completes Acquisition of Saks Incorporated

TORONTO--(BUSINESS WIRE)-- Hudson's Bay Company (TSX:HBC) ("HBC" or the "Company") is pleased to announce that it has successfully completed its previously announced acquisition (the "Acquisition") of all of the outstanding shares of Saks Incorporated ("Saks") for US$16.00 per share in an all-cash transaction valued at approximately US$2.9 billion, including debt.

With the Acquisition, HBC creates a premier North American fashion retail business centered on three iconic retail brands — Hudson's Bay, Lord & Taylor and Saks Fifth Avenue. The combined Company will operate a total of 320 stores, including 179 full-line specialty department stores, 72 outlet stores and 69 home stores in prime locations throughout the U.S. and Canada, along with three e-commerce sites.