Hudson's Bay Company (TSX:HBC) entered into a definitive agreement to acquire Gilt Groupe Inc. from a group of shareholders for $250 million in cash on January 7, 2016. The consideration is subject to customary requirements. Hudson's Bay (HBC) will fund the purchase price plus transaction costs using cash on hand. The transaction is subject to Gilt shareholder approval. The transaction is expected to close on or about February 1, 2016. Hudson's Bay expects Gilt to contribute approximately $40 million of Adjusted EBITDA by fiscal 2017, which is expected to be generated from both revenue and cost drivers.

Lazard acted as financial advisor and Wilmer Cutler Pickering Hale and Dorr LLP acted as legal advisor to Gilt Groupe. Scotiabank acted as financial advisor and Jonah Mann, Mihkel Voore, Bessie Qu, Jennifer Legge, and Dean Kraus of Stikeman Elliott LLP and Gordon Caplan, Gregory Astrachan, Michael Brandt, Anthony Carbone, Michael Katz, Jeffrey Daniel, Michael Casas, Frances Dales, Timothy Andree, Kapiljeet Dargan, Bradley Brown, Rose Ohanesian, Jennifer Schanes, Natalie Whitaker, Jacob Moss, Amir Ghavi, Dorna Mohaghegh, Hugh McLaughlin and Steven Grant of Willkie Farr & Gallagher LLP acted as legal advisors to Hudson's Bay Company. Matthew W. Abbott and Brian C. Lavin of Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisors for General Atlantic.