Ares Mgmt, CPPIB to Buy Neiman Marcus for $6B
Ares Management LLC and Canada Pension Plan Investment Board (CPPIB) announced today that their affiliates have entered into a definitive agreement to acquire Neiman Marcus Group LTD Inc. from a group of investors led by TPG and Warburg Pincus for a purchase price of US $6.0 billion. A portion of the purchase price will be used at the closing to repay all amounts outstanding under the Company's existing credit facilities other than its Debentures. Ares and CPPIB will hold an equal economic interest in the legendary retailer, and the Company's management will retain a minority stake. The transaction is expected to close in the fourth quarter of 2013, subject to regulatory approvals and other customary closing conditions.
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