Hudson's Bay Co. to buy online shopping group Gilt for $250M

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.

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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.



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