Rhône's Steven Langman joins HBC board with deal close

U.S. private equity firm Rhône Capital has closed its $632 million (US$500 million) equity investment in Canadian retailer Hudson’s Bay Co (TSX: HBC). As a result, Rhône Managing Director M. Steven Langman joined the company's board. The deal, which is linked with HBC's US$850 million sale of the Lord & Taylor Fifth Avenue building, will allow the company to repay outstanding borrowings and strengthen its balance sheet. HBC recently addressed opposition to the Rhône investment from shareholder Land & Buildings, a U.S. activist hedge fund. Langman has served with Rhône since 1996.

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