(Reuters) – Nordstrom (JWN) mentioned on Monday it will be acquired by its founding household and Mexican retailer El Puerto de Liverpool in an all-cash deal valuing the division retailer chain at about $6.25 billion.
The deal affords shareholders $24.25 in money, a slight low cost to the inventory’s Friday shut. Shares of the corporate have been down almost 2% earlier than the bell.
The acquisition provides the household consisting of CEO Erik Nordstrom and President Pete Nordstrom a majority possession stake within the firm and comes at a time when division retailer chains throughout the U.S. are grappling with muted gross sales amid larger prices.
Reuters had first reported in March, citing sources, that the founding household was seeking to take the corporate personal, six years after an analogous try turned out to be unsuccessful.
(Reporting by Savyata Mishra in Bengaluru; Enhancing by Devika Syamnath)