Neiman Marcus Sale Fetches $6B, Scuttles IPO Plans

Law360, New York (September 9, 2013, 1:15 PM EDT) -- Luxury department store Neiman Marcus Group Ltd. Inc. will be sold for $6 billion to private equity firm Ares Management LLC and Canada Pension Plan Investment Board, the company said Monday, ending plans for an initial public offering later this year.

The deal paves a long-awaited exit for Neiman Marcus' private equity owners, TPG Capital, Warburg Pincus and Leonard Green & Partners LP. Ares and CPPIB will hold equal stakes in the iconic retailer, and the company's management will retain a minority position.

"We are delighted...
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