Investing.com – The guardian entity of famend luxurious division retailer chain, Saks Fifth Avenue, has finalized a $2.65 billion acquisition of its competitor, Neiman Marcus. This important enterprise transfer is reported to have been facilitated with help from e-commerce big, Amazon.com Inc (NASDAQ:).
The boards of each Saks Fifth Avenue and Neiman Marcus have given their approval for the transaction. An official announcement concerning the deal is anticipated to be made shortly.
On this new enterprise association, Amazon is ready to carry a minority stake within the newly fashioned firm, which is to be named Saks International. Past monetary funding, the e-commerce titan additionally plans to equip Saks International with its technological and logistical experience, thereby bolstering the corporate’s operational effectivity.
On the time of reporting, Amazon has not issued a response to inquiries for feedback on the matter.
