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Neiman Marcus to Be Bought by Ares, Canada Fund

Neiman Marcus Inc., the Dallas-based luxury chain, agreed to sell itself to Ares Management LLC and the Canada Pension Plan Investment Board for $6 billion.

Ares and the pension fund will hold an equal economic interest in Neiman, and the chain’s management will retain a minority stake, the buyers said in a statement today. The deal probably ends prospects for a Neiman initial public offering.