Nordstrom is becoming a private company after an agreed buyout deal of $6.25 billion USD from Nordstrom's founding family and Mexican retailer El Puerto de Liverpool. The announcement to go private arrived earlier this week when the company's board of directors unanimously approved the transaction.
CNBC has reported that the deal sees the Nordstrom family own a majority of the company with 50.1% and Liverpool will own 49.9%. Common shareholders are expected to receive $24.25 USD per share of the Nordstrom comon stock they hold in cash. In an official press release, Nordstrom CEO Erik Nordstrom said, "For over a century, Nordstrom has operated with a foundational principle of helping customers feel good and look their best. Today marks an exciting new chapter for the business. On behalf of my family, we look forward to working with our teams to ensure Nordstrom thrives long into the future."
This is not the first time that Nordstrom has expressed interest in wanting to go private. The retailer did so in 2018, but fizzled out. Back in September, the Nordstrom family also offered $23 USD per share which would value the company at roughly $3.76 billion USD. In November, Nordstrom beat Wall Street's sales expectations with a revenue growth of about 4% year over year. The deal is expected to close in the first half of 2025.
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