NEW YORK CITY-Saks Fifth Avenue‘s troubled days may finally be behind the upscale retailer. Lord and Taylor‘s parent company, Hudson’s Bay, is set to acquire Saks Fifth Avenue for $16 a share in a transaction valued at approximately $2.9 billion, including debt.

Based in Toronto, Hudson’s says it will establish a real estate investment trust to hold the combined properties of the two companies, the New York Post reports. However a joint press release from the two retailers says, “HBC will evaluate strategic alternatives to fully realize the substantial value from the combined property portfolio including but not limited to the creation of a real estate investment trust.”

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