Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group for $6.25 billion, the company said Monday

Summary

Nordstrom will be taken private in a $6.25 billion deal by Nordstrom family members and a Mexican retail group.

Shareholders will receive $24.25 per share, a 42% premium from March 18 reports of the deal.

The Nordstrom board unanimously approved the transaction. Once finalized, the Nordstrom family will hold a majority ownership stake in the company.

The deal marks a major shift for the century-old department store, ensuring continued family control.