Ares and CPPIB to acquire Neiman Marcus

Two entities - Ares Management and Canada Pension Plan Investment Board (CPPIB) are acquiring Neiman Marcus from its present owners TPG and Warburg Pincus, reports say. The value of the deal is around $6 billion, reports say. Both entities, private equity firms, have signed an agreement towards the acquisition and will hold an equal interest in the company, reports say. The present management at Neiman Marcus will have a minority stake after the new acquisition.

The deal is likely to close in the fourth quarter of 2013, reports say. It is also subject to regulatory approvals, reports add.