Saks Fifth Avenue Parent Reportedly Set to Buy Neiman Marcus

HBC, the parent company of luxury department store Saks Fifth Avenue, has signed a $2.65 billion deal to buy rival retailer Neiman Marcus with support from Amazon (AMZN), according to reports.

The merger has been approved by both companies’ boards after months of negotiation, The Wall Street Journal reported on Wednesday, citing sources close to the matter. An official announcement could come as soon as Wednesday evening, the report said.

Amazon is reportedly to take a minority stake in the new company alongside Salesforce (CRM). The new company, which the WSJ reported will be called Saks Global, will be run by Saks CEO Marc Metrick.

The move could help the companies better compete in a difficult luxury retail environment.

HBC acquired Saks in 2013.