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Hudson’s Bay Co. buys Saks for $2.4 billion

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Luxury retailer Saks is being purchased by Hudson's Bay Co., the parent of Lord & Taylor, for approximately $2.4 billion.

"The Bay," as it is known, will pay $16 per share for Saks, a 5 percent premium over the company's Friday closing price of $15.31, the Daily Mail reported.

The companies put the deal's total value at about $2.9 billion, including debt.

"We are excited about what this opportunity and being part of a much larger enterprise can mean for the future of the Saks Fifth Avenue brand," Saks Chairman and CEO Steve Sadove said in a statement.

The deal is set to close by the end of the year and still needs approval from Saks' shareholders, The Mail reported.

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