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Amazon crosses $2 trillion in stock market value for the first time
Amazon.com Inc. surpassed $2 trillion in market value for the first time in afternoon trading on Wednesday.
Scripps News
The parent of Saks Fifth Avenue, in a partnership with Amazon, will buy rival department store chain Neiman Marcus in a $2.65 billion deal, according to the Wall Street Journal.
In an exclusive story, the boards of both companies have approved the purchase, which could be announced as soon as this evening, the Wall Street Journal reported, citing people familiar with the matter.
Both department-store chains have been negotiating for months and have explored the deal several times in recent years, the paper said.
People familiar with the transaction said the combined company would have aout $10 billion in annual sales.
Amazon will take a minority stake in the new company and will provide technology and logistical expertise, the Wall Street Journal said. The new company will be called Saks Global. Another minority shareholder is Salesforce, the paper said.
HBC, a holding company which owns Sak’s and also owns Hudson’s Bay, is financing the deal with $2 billion it raised from existing investors, the Wall Street Journal said. USA TODAY reached out to HBC for comment, but did not immediately hear back.
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The paper also reported that Marc Metrick, the chief executive of Sak’s e-commerce business, will run the combined companies.
Betty Lin-Fisher is a consumer reporter for USA TODAY. Reach her at blinfisher@USATODAY.com or follow her on X, Facebook or Instagram @blinfisher. Sign up for our free The Daily Money newsletter, which will include consumer news on Fridays,
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