Nordstrom (JWN) family members, executives of the department store, are nearing an agreement with private equity firm Leonard Green & Partners to assist in a buyout of the retail giant.

Shares of Nordstrom were surging over 8% in after-hours trading on Tuesday following the report. 

As part of the agreement, Leonard Green would give the Nordstrom family members, who own roughly 31.2% of the company, about $1 billion in equity to help fund the transition.

The deal with Leonard is said not to be finalized, and other parties may still emerge to commence their own discussions.

In June, Nordstrom stated its intentions to go private and has been searching for a private equity backer to support any such transition. It has previously held discussions with both KKR and Apollo as well.

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