Nordstrom, the upscale department store chain, has announced its decision to go private in a $6.25 billion deal with its founding family. The Nordstrom family, consisting of Erik, Pete, and Jamie Nordstrom, along with Mexican department store chain El Puerto de Liverpool, will acquire the remaining shares they do not already own, giving the family a majority ownership stake in the 123-year-old company.
Shareholders are set to receive $24.25 in cash for each share, representing a premium of approximately 42% based on the stock price on March 18, 2024, when speculation about Nordstrom (JWN) going private first emerged. The stock experienced a 1% decline in early trading but has seen an overall increase of more than 30% for the year.
