The founding family of Nordstrom has achieved its goal to take the department store chain private once again. According to a press release shared on Monday, the founding family and Mexican retailer El Puerto de Liverpool will acquire the company in an all-cash deal of approximately $6.25 billion.
According to the agreement, which was approved by the board of directors, Nordstrom shareholders will receive $24.25 for each common share of Nordstrom they hold. The company’s stock traded at $24.16 per share, being up 32.09% year-to-date, on Monday.
When the deal closes in early 2025, the Nordstrom family will own 51% of the company, while El Puerto de Liverpool will own the remaining 49%.
The founding family of Nordstrom attempted to take the company private back in 2018, offering $50 a share. However, the special committee ended up rejecting the offer, deeming it too low.
“For over a century, Nordstrom has operated with a foundational principle of helping customers feel good and look their best,” Nordstrom CEO Erik Nordstrom said in a press release. “Today marks an exciting new chapter for the business. On behalf of my family, we look forward to working with our teams to ensure Nordstrom thrives long into the future.”