NEW YORK — Private equity firms Texas Pacific Group and Warburg Pincus have closed on their $5.1 billion acquisition of The Neiman Marcus Group Inc., the luxury chain said Thursday.
Under the terms of the merger agreement, Neiman Marcus shareholders are entitled to receive $100 a share in cash, without interest. Shares of Neiman Marcus ceased trading on the New York Stock Exchange at Thursday's market close.
"Our new partners share our vision of serving the luxury consumer with distinctive merchandise and outstanding customer service, continuing the nearly 100-year tradition of Neiman Marcus," said Neiman Marcus Group president and chief executive officer Burton M. Tansky in a statement.
The investor group financed the transaction in part with a new $1.98 billion senior secured term loan facility, a new senior secured asset-based revolving credit facility and the private placement of senior notes and senior subordinated notes. In connection with the closing of the merger, Neiman Marcus called for the redemption of all of its 6.65 percent senior notes due 2008.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"