Canada Pension Plan Investment Board, Toronto, and Ares Management on Monday said they had agreed to acquire a majority stake in Neiman Marcus Group Inc. from an investors group led by private equity firms TPG and Warburg Pincus for $6 billion, according to a news release from the C$188.9 billion (US$182 billion) CPP board.
Ares and CPPIB will hold an equal stake in the Dallas-based company, whose management will retain a minority stake. Bill Mendel, spokesmen for Ares Management, said the amounts of each stake were not disclosed.
The transaction is expected to close in the fourth quarter, pending regulatory approvals.
Credit Suisse advised Neiman Marcus Group on the deal, while RBC Capital Markets and Deutsche Bank Securities advised Ares and CPPIB.
May Chong, CPPIB spokeswoman, could not be immediately reached for comment.
The Neiman-Marcus acquisition is the latest retail deal involving Ares and CPPIB. In January 2012, the two closed on a deal to acquire a combined majority stake in 99 Cents Only Stores. In that deal, the retailers' owners also retained a minority stake.