Simpson Thacher advises Liverpool on Nordstrom acquisition
Simpson Thacher is advising El Puerto de Liverpool (Liverpool) on its acquisition, together with certain members of the Nordstrom family, of all of the shares of Nordstrom, Inc. not already owned by the acquiring group in an all-cash transaction valued at approximately $6.25 billion on an enterprise basis.
Under the terms of the merger agreement, Nordstrom shareholders will receive $24.25 per share in cash. Upon completion of the transaction, Liverpool will own 49.9 per cent of Nordstrom’s equity and Nordstrom family members will own 50.1 per cent. The transaction is expected to close in the first half of 2025, subject to regulatory and other conditions.
Liverpool is a Mexican retailer with a leading department stores’ presence and a strong e-commerce platform. Liverpool operates throughout Mexico with 310 shops under the Liverpool and Suburbia brands, 119 specialty boutiques, as well as 29 shopping centres. Liverpool is also one of the leading credit card issuers in the country, with more than 7.6 million cardholders. For 176 years, Liverpool has offered a wide selection of high-quality products and services, from the latest in fashion for the whole family to expert advice on interior design, food and beverage, home goods, technology and much more.
Nordstrom was founded in 1901 as a shoe retailer in Seattle, Washington, on the guiding principle that success would come from offering customers the best service, selection, quality and value. Nordstrom serves its customers through more than 350 Nordstrom shops, Nordstrom Local and Nordstrom Rack, and digitally through its Nordstrom and Rack apps and websites.
Simpson Thacher’s team was comprised of partners Ben Schaye (pictured left), Juan Francisco Mendez (pictured right), Justin Lungstrum, Jeannine McSweeney, Andrew Purcell, Adam Arikat, Peter Guryan, George S. Wang, Lori Lesser, Vanessa Burrows and James Rapp, counsel Krista McManus, Kelly Karapetyan, Daniel Levien, Steve DeLott and Bettina Elstroth, and associates Benjamin Bodurian, Enrique Güijosa, Jordon Pollard, Dennis Durkin, Jomar Vargas, Aaron Gurley, James Wheeler, Scott Schilson, Sam Elmi, Richard Starik, Noam Zolty, Emma Wang, Daniel Owsley, Jennifer Ho, Anais Bourbon, Cary Milanes, Bobbie Burrows, Chandler Gerard-Reimer and Jake Madden.
