Done Deal: Nordstrom completes acquisition by Nordstrom family and Liverpool
It’s official. Nordstrom has gone private.
Erik, Pete, Jamie Nordstrom and other members of the Nordstrom family and Mexican retail group El Puerto de Liverpool have completed their all-cash acquisition of Nordstrom for $24.25 per share. (Nordstrom shareholders will also be paid cash dividends of $0.25 per share and $0.1462 per share, reflecting the special cash dividend and a "stub period" quarterly dividend.) The deal, which has a value of $6.25 billion, was announced at the end of last year.
With the completion of the transaction, Erik and Pete Nordstrom will lead the company as co-CEOs. Nordstrom common stock will cease trading prior to the opening of the New York Stock Exchange on May 21, and will be delisted from the NYSE as of the same day. Under the terms of the deal, Nordstrom is owned 50.1% by the Nordstrom family and 49.9% by Liverpool.
With the completion of the transaction, Erik and Pete Nordstrom will lead the company as co-CEOs. The brothers are the fourth-generation leaders of the Seattle-based upscale retailer, which was founded in 1901 as a shoe store. Prior to the close of the transaction, Eric served as CEO and Pete served as president
Nordstrom common stock will cease trading prior to the opening of the New York Stock Exchange on May 21, and will be delisted from the NYSE as of the same day. Nordstrom will be owned 50.1% by the Nordstrom family and 49.9% by Liverpool.
"The completion of this transaction is an important milestone in our nearly 125-year history," said Erik Nordstrom. "As we embark on this new chapter, we remain focused on what matters most: providing outstanding service, offering the best merchandise, and ultimately, helping our customers feel good and look their best. We're grateful to our teams for their hard work on behalf of our business and our customers, and we look forward to building on Nordstrom's strong foundation to reach even greater heights."
"Since our founding, Nordstrom's commitment to our customers has been at the heart of everything we do," added Pete Nordstrom. "We're excited to enter this next phase of the company's evolution with the many customers and employees who have been an instrumental part of our story."
Advisors
Morgan Stanley & Co. LLC and Centerview Partners LLC acted as financial advisors to the special committee of the Nordstrom board of directors, and Sidley Austin LLP and Perkins Coie LLP acted as legal counsel to the special committee.
Moelis & Company LLC acted as financial advisor and Wilmer Cutler Pickering Hale and Dorr LLP, Lane Powell PC and Davis Wright Tremaine LLP acted as legal counsel to the Nordstrom Family.
J.P. Morgan Securities LLC acted as financial advisor and Simpson Thacher & Bartlett LLP and Galicia Abogados, S.C. acted as legal counsel to Liverpool.
