HBC, the parent company of Saks Fifth Avenue, has acquired Neiman Marcus Group, the parent company of American department stores Neiman Marcus and Bergdorf Goodman, for a total enterprise value of $2.65 billion.

Upon transaction close, HBC will establish Saks Global, a combination of world-class luxury retail and real estate assets, including Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus and Bergdorf Goodman, each of which will continue operations under their respective brands. Amazon will be an investor in and work with Saks Global to innovate on behalf of customers and brands partners. Salesforce will also become an investor.

For more information visit neimanmarcusgroup.com.