(Reuters) – Nordstrom (JWN) said on Monday it would be acquired by its founding family and Mexican retailer El Puerto de Liverpool in an all-cash deal valuing the department store chain at about $6.25 billion.
The deal offers shareholders $24.25 in cash, a slight discount to the stock’s Friday close. Shares of the company were down nearly 2% before the bell.
The acquisition gives the family consisting of CEO Erik Nordstrom and President Pete Nordstrom a majority ownership stake in the company and comes at a time when department store chains across the U.S. are grappling with muted sales amid higher costs.
Reuters had first reported in March, citing sources, that the founding family was looking to take the company private, six years after a similar attempt turned out to be unsuccessful.
(Reporting by Savyata Mishra in Bengaluru; Editing by Devika Syamnath)
