(Reuters) -Saks Global, the parent of Saks Fifth Avenue, is in talks to sell a 49% stake in luxury retailer Bergdorf Goodman for about $1 billion, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
At least four bidders are in the running, including Middle Eastern sovereign wealth funds and strategic investors, with a deal possible early next year, the report added.
Saks Global was created last July by Hudson’s Bay Company (HBC) after its $2.65 billion acquisition of Neiman Marcus, combining Saks Fifth Avenue, Neiman Marcus and other luxury retail and real estate assets.
The proceeds from the deal would help Saks Global pay down debt from its acquisition of Neiman Marcus, the Journal said.
Saks Global is also in the process of selling $600 million of real estate and currently owns properties valued at roughly $9 billion, the report added.
Reuters could not immediately verify the report. Saks Global and Bergdorf Goodman did not immediately respond to Reuters’ requests for comment outside regular business hours.
(Reporting by Surbhi Misra in Bengaluru; Editing by Cynthia Osterman and Chizu Nomiyama )
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