Hudson’s Bay Co., the Canadian department store chain that’s acquiring Saks Inc. for $2.4 billion, hired Marigay McKee, Harrods’ chief merchant, to be president of the U.S. luxury retailer once the deal is complete.
Hudson’s Bay Co., a middle-market Canadian department store chain with a similar assortment to Macy’s, has agreed to pay $2.4 billion to acquire Saks Inc., one of America’s most prestigious luxury retailers.
Investcorp, the Bahrain asset manager that owns stakes in Gucci and Saks Fifth Avenue, said it raised $793 million for new investments in the second half, the most since the start of the financial crisis in 2008.
Sullivan & Cromwell LLP advised Perrigo Co., a U.S. maker of over-the-counter medicines, which agreed to buy Irish drug company Elan Corp. for $8.6 billion, gaining a low-tax base for international expansion. Morgan, Lewis & Bockius LLP is providing Perrigo with counsel on antitrust/competition. Elan was advised by A&L Goodbody and Cadwalader Wickersham & Taft LLP.
Hudson’s Bay Co. Chief Executive Officer Richard Baker says rising interest rates pose no hurdle to a potential spinoff of the retailer’s real estate, including its future Saks Inc. stores, because they hold so much value.