The Nordstrom family and Mexican department store chain El Puerto de Liverpool SAB are set to acquire US retail giant Nordstrom Inc. private in a deal worth approximately $6.25 billion, including debt. The family will maintain control of 50.1% of the company, while Liverpool will own 49.9%. Lawyers from Sidley Austin and Perkins Coie are advising the special committee of Nordstrom’s board of directors.
International law firms guiding both parties include Simpson Thacher & Bartlett for El Puerto de Liverpool and Mexican firm Galicia Abogados, S.C. Meanwhile, Sullivan & Cromwell is representing Morgan Stanley & Co. and Centerview Partners as financial advisers to the special committee. This marks the latest example of a take-private transaction, which has become increasingly popular among companies seeking relief from shareholder activists and reporting requirements.
Recent examples include Novo Holdings’ $16.2 billion deal to take Catalent Inc. private and Silver Lake Management’s plans to take Endeavor Group Holdings private for $10 billion.
Source: https://news.bloomberglaw.com/business-and-practice/nordstroms-6-25-billion-take-private-deal-feeds-big-law-firms