Neiman Marcus is closing in on a deal to be purchased by Ares Management and the Canada Pension Plan Investment Board for $6 billion, according to reports.
Bloomberg quotes unidentified sources as saying the private equity firms that own Neiman Marcus — TPG Capital, Warburg Pincus and Leonard Green & Partners — are in ongoing negotiations to sell the high-end department store retailer. Wall Street Journal reported that the deal could be announced as early as Monday, although people familiar with the plan said no agreement has been reached and that talks could still fail.
TPG, Warburg Pincus and Leonard Green purchased Neiman Marcus for $5.1 billion in 2005 and filed for an IPO in June. Neiman Marcus declined comment on the report.