TPG and Warburg Pincus in $5.1 Billion Neiman Marcus Group Acquisition

May 2, 2005

Cleary Gottlieb is representing both Texas Pacific Group and Warburg Pincus LLC in their proposed $5.1 billion cash acquisition of the Neiman Marcus Group, Inc. Each of the investors will own equal stakes in the company. The transaction is expected to close in November.

Long-time Cleary client Texas Pacific Group, founded in 1993 and based in Fort Worth, Texas, San Francisco and London, is one of the world’s leading private investment firms managing over more than $15 billion in assets. Warburg Pincus was founded in 1971 and has approximately $13 billion under management.

The Neiman Marcus Group is a leading luxury retailer.  Its operations include the Specialty Retail Stores segment and the Direct Marketing segment. The Specialty Retail Stores segment consists primarily of Neiman Marcus and Bergdorf Goodman stores. The Direct Marketing segment conducts both print catalog and online operations under the Neiman Marcus, Horchow and Bergdorf Goodman brand names.