TORONTO — Hudson's Bay Co. (TSX:HBC) says it will pay US$250 million cash to buy Gilt Groupe Holdings, Inc., a membership based online retailer.
The Toronto-based retailer says Gilt has more than nine million members and the acquistion is expected to add about US$500 million to HBC's overall revenue this year.
The Gilt acquisition will complement HBC's growing digital business, which is integrated with its store-based operations under banners such as Hudson's Bay, Lord & Taylor and Saks Fifth Avenue.
HBC says it expects the transaction to close by Feb. 1, after getting approval from Gilt's shareholders.
The Canadian Press