Hudson’s Bay announced it successfully completed its previously announced acquisition of all of the outstanding shares of Saks for $16.00 per share in an all-cash transaction valued at approximately $2.9 billion, including debt.

With the acquisition, HBC creates a premier North American fashion retail business centered on three iconic retail brands: Hudson’s Bay, Lord & Taylor and Saks Fifth Avenue. The combined company will operate a total of 320 stores, including 179 full-line specialty department stores, 72 outlet stores and 69 home stores in prime locations throughout the U.S. and Canada, along with three e-commerce sites.

The all-cash transaction was financed by a combination of new debt financing and approximately $1 billion of new equity issued by way of a bought deal prospectus offering of $16.05 million subscription receipts and a private placement of common shares and common share purchase warrants.

Previously on abfjournal: Bloomberg: Hudson’s Ups Loan, Rate for Saks Acquisition, October 4, 2013