NEW YORK ( The Deal) -- Hudson's Bay Co. said Monday it was taking the "for sale" sign off iconic department store chain Saks ( SKS) for $16 per share or about $2.9 billion. There is a 40 day "go shop" period. The deal will combine Saks with Canada's Hudson's Bay department store and the Lord & Taylor chain -- which NRDC Equity Partners bought in 2006 for $1.2 billion before it acquired Hudson's Bay in a company that generated pro forma sales and normalized EBITDA in fiscal 2012 of approximately C$7.2 billion ($7 billion) and C$587 million respectively. Financing for the transaction is expected to come from $1 billion of new equity,$1.9 billion in senior secured loans, $400 million of senior unsecured notes and available cash. Ontario Teachers' Pension Plan and West Face Capital Inc. are putting $500 million and $250 million of equity funding, respectively, into the deal. Additional credit facilities are being provided by BofA Merrill Lynch ( BAC) and Royal Bank of Canada ( RY). BofA Merrill Lynch acted as lead financial adviser to HBC, joined by RBC Capital Markets, while Stikeman Elliott and Willkie Farr & Gallagher provided legal counsel. Saks turned to Goldman Sachs ( GS), Morgan Stanley ( MS) and Guggenheim Securities acted for financial advice and Wachtell, Lipton, Rosen & Katz as legal counsel.