Hudson's Bay buying Saks Fifth Avenue for about $2.4 billion

NEW YORK (AP) -- Luxury retailer Saks is being purchased by the parent of Lord & Taylor for approximately $2.4 billion.

The news comes a little over a month after reports surfaced that Hudson's Bay Co. was interested in buying Saks Inc.

Hudson's Bay, which also runs some Canadian department stores, will pay $16 per share for Saks.

The companies put the deal's total value at about $2.9 billion including debt.

The buyout is targeted to close before year's end. It still needs approval from Saks' shareholders.

Saks Fifth Avenue has a store in Tulsa at the Utica Square Shopping Complex.

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