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Bond Market News
Nordstrom To Go Private in $4bn All-Cash Deal
December 24, 2024
Nordstrom announced on Monday that it will become a private company following a $4bn all-cash deal. The deal involves Nordstrom’s founding family, which will hold a majority stake of 50.1%, and the Mexican department store El Puerto de Liverpool, which will own 49.9%. The founding family will assume $2bn in debt, with shareholders receiving $24.25 per share in cash. The transaction, which values the company at an enterprise value of $6.25bn, is expected to close in the 1H2025. In September, the Nordstrom family offered $23 a share for the chain. This marks another attempt by the company to go private, following a failed attempt in 2018. Although Nordstrom recently exceeded Wall Street’s sales expectations, it has faced challenges due to soft consumer spending, especially in the luxury sector. Nordstrom now operates a variety of department stores, including Nordstrom Rack.
Nordstrom’s bonds traded stable with its 4% 2027s at 96.1, yielding 5.91%.
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