Merger deal worth 2.65 bln usd - WSJ (Il Sole 24 Ore Radiocor) - New York, 04 Jul - The parent of Saks Fifth Avenue has reportedly clinched a 2.65 billion dollar merger deal with Neiman Marcus that will create a dominant US luxury retailer and also involve Amazon.

The boards of both companies have approved the transaction and an announcement could come as soon as this evening, the Wall Street Journal reported, citing sources familiar with the matter.

Amazon will become a minority investor in the new company, to be called Saks Global, and will also supply technology and logistics services, the WSJ said.

Salesforce is another minority shareholder, the paper added.

HBC, a holding company that bought Saks in 2013, is funding the deal with 2 billion dollars it raised from existing investors, the paper said, citing the people.

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(RADIOCOR) 04-07-24 14:27:41 (0388) 5 NNNN