Nordstrom (NYSE:JWN) on Monday announced it will become a private company after it agreed to a buyout deal valued at roughly $6.25 billion from Nordstrom’s founding family and Mexican department store El Puerto de Liverpool.
The company’s board of directors unanimously approved of the transaction, which is expected to close in the first half of 2025.
As part of the deal, the Nordstrom family will have majority ownership in the company, with 50.1%, and Liverpool will own 49.9%. Common shareholders will receive $24.25 in cash for each share of Nordstrom common stock they hold, according to a press release.
“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.”
It’s not the first time the retailer has tried to go private. A previous effort fizzled out in 2018. In September, the Nordstrom family offered $23 a share for the chain, which valued the company at roughly $3.76 billion.
JWN shares began Christmas Eve day up a penny to $24.18.