(Reuters) – The parent of Saks Fifth Avenue sealed a $2.65 billion deal to buy rival Neiman Marcus with a little help from Amazon, the Wall Street Journal reported on Wednesday, citing people familiar with the matter.
The boards of both the companies have approved the transaction and an announcement could come as soon as this evening, the report said.
The Wall Street Journal added Amazon would take a minority stake in the new company, which will be called Saks Global, and plans to provide it with technology and logistical expertise.
Amazon did not immediately respond to Reuters request for a comment.
(Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Shinjini Ganguli)
