Saks Global Acquires Neiman Marcus

Paul, Weiss advised G-III Apparel Group in ​its investment in Saks Global in connection with Saks Global’s acquisition of Neiman Marcus Group for a total enterprise value of $2.7 billion. Saks Global now includes Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH, each continuing to serve customers under their own brand. G-III, which owns and licenses more than 30 globally recognized fashion brands, including Levi’s, Karl Lagerfeld and Calvin Klein, among others, will continue to support Saks Global as a key merchandising partner.

The transaction was financed through a combination of equity contributions from G-III and other investors, an issuance of $2.2 billion of senior secured notes and an asset-based lending revolving credit facility.

The Paul, Weiss team was led by corporate partners Jeffrey Marell and Matthew Benedetto.