M&A · Industrials · Retail-Family Clothing Stores
Norse Holdings, Inc. to acquire Nordstrom Inc
Announced Dec 23, 2024 · Closed May 20, 2025
Deal value$4.00BEV $6.22B
Premium42.0%To unaffected price
EV / Adj. EBITDA5.0x0.4x EV / Revenue
ConsiderationNot disclosed$24.25 per share
Transaction
- Acquirer
- Norse Holdings, Inc.
- Target
- Nordstrom Inc (JWN)
- Buyer type
- Strategic
- Offer price per share
- $24.25
- Enterprise value
- $6.22B
- Status
- Closed May 20, 2025
Deal protections
- Break fee (target pays)
- $85.0M · 2.1%
- Reverse fee (buyer pays)
- $170M · 4.3%
- Go-shop
- No-shop
- Financing
- Committed · JPMorgan, Morgan Stanley
Advisors
- To the acquirer
- Not disclosed
- To the target
- Morgan Stanley, Centerview
- Morgan Stanley fee
- $28.0M
- Centerview fee
- $28.0M
Sector context · Industrials
- Comparable deals
- 87 in the prior 24 months
- Premium
- 42.0% vs. 34.0% sector median
- EV / Adj. EBITDA
- 5.0x vs. 9.2x sector median
- Break fee
- 2.1% vs. 2.8% sector median
Timeline
- AnnouncedDec 23, 2024
- Proxy filedMar 4, 2025
- Definitive proxyApr 10, 2025
- Shareholder voteMay 16, 2025
- ClosedMay 20, 2025
Valuation · fairness opinions
Trading comparablesMorgan Stanley$11.25$21.00
Trading comparablesMorgan Stanley$14.00$25.00
Future share priceMorgan Stanley$17.00$26.75
Discounted cash flowMorgan Stanley$20.75$30.75
Analyst price targetsMorgan Stanley$14.50$26.00
Trading comparablesCenterview$14.60$21.05
Trading comparablesCenterview$17.75$25.00
Discounted cash flowCenterview$21.00$30.80
Analyst price targetsCenterview$14.50$26.00
Premiums paidCenterview$21.30$23.90
Offer $24.25
Implied value per Nordstrom Inc share by analysis, from Morgan Stanley and Centerview.