Simpson Thacher Represents Hudson’s Bay Company in the Sale of its Credit Card Assets
02.08.06
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Simpson Thacher is representing Hudson’s Bay Company (“Hbc”) in the sale of its private label credit card and related financial services assets to GE Money, a subsidiary of General Electric Corporation. The acquisition was announced on February 7, 2006. As part of the transaction, Hbc and GE Money will enter into a ten-year marketing and servicing alliance pursuant to which GE Money will provide credit marketing and analytic support, credit servicing and customer care for Hbc's 3.1 million retail cardholders. The transaction is subject to regulatory approvals and other customary closing conditions.
Hbc is Canada's oldest corporation and largest department store retailer. Hbc operates more than 500 stores under the names of the Bay, Zellers and Home Outfitters.
The Simpson Thacher team includes Maripat Alpuche, Jason Cohen and Anthony Vernace.