Hudson’s Bay Company (HBC) goes private in a C$1.11B cash deal

Date Closed

March 03, 2020

Lead Office

Toronto

Value

1.11 Billion CAD

On March 3, 2020, a group of existing shareholders led by Richard Baker (Governor and Executive Chairman of Hudson’s Bay Company (HBC)), and including Rhône Capital, completed the privatisation of HBC in a C$1.11 billion cash deal. Rhône is part of a consortium of investors, including individuals and entities related to, or affiliated with, Baker, WeWork Property Advisors, Hanover Investments and Abrams Capital Management. The privatization is intended to help transform HBC to capitalize on the changing ways current and future generations live, shop and work.

HBC is a diversified global retailer and owns Hudson's Bay, Saks Fifth Avenue and Saks OFF 5TH.

Rhône Capital is a global private equity firm, specializing in mergers and acquisitions, leveraged buyouts, recapitalizations, and partnerships with particular focus on European and trans-Atlantic investments.

McCarthy Tétrault advised Rhône Capital as Canadian counsel with a team led by Rob Hansen that includes Sven Milelli and Scott Bergen (Business), Douglas Cannon, Patrick McCay and Justin Shoemaker (Tax), Paul Steep (Litigation) and Oliver Borgers and Jonathan Bitran (Competition).

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