Hudson’s Bay buys Saks for $2.9 billion

Hudson’s Bay Company has announced a friendly deal to buy U.S. retailer Saks for $2.9 billion.

HBC, who owns 90 Bay stores and 69 Home Outfitters in Canada, and Lord & Taylor in the U.S., announced the deal this morning.

Sak’s major shareholders, including Mexican billionaire Carlos Slim, have approved the deal. CEO of Hudson’s Bay, Richard Baker, wanted Saks to complete with Nordstrom, which is entering the Canadian market.