Hudson’s Bay buys Germany’s Galeria Kaufhof chain in $3.9 billion deal
WATCH ABOVE: German retail and wholesale group Metro AG is selling its department store business in Germany and Belgium to Canadian retailer Hudson’s Bay Company (HBC) in a deal worth just over 2.8 billion euros ($3.9 billion CDN).
A big deal this morning in the Canadian and German retail sectors.
Toronto-based Hudson’s Bay Company has reached an agreement with German-based Metro Group to buy its Galeria Kaufhof department store chain and its Belgian subsidiary Inno for 3.9-billion dollars.
The deal is expected to close in September, with H-B-C taking over 103 Galeria Kaufhof stores in Germany and its head office in Cologne.
H-B-C, which operates Saks and other chains in Canada and the U-S, will also acquire 16 Sportarena stores, 16 Galeria Inno stores in Belgium, and various logistics centres and warehouses.
© 2015 The Canadian Press