Nordstrom announces $270 million acquisition of HauteLook

Nordstrom Inc. has reached a $270 million agreement to acquire HauteLook Inc.

Nordstrom announced Friday that it will pay up to $270 million for the online private sale company. It will pay $180 million in stock, and $90 million over a three-year period based on the company's performance.

The company will be operated independently as a wholly-owned subsidiary of Nordstrom and will be managed by its current management team.

The deal is expected to close in the first quarter of 2011. Seattle-based Nordstrom said the acquisition will help the company increase its direct business capabilties, implement an interprise-wide inventory management system, and sell directly to online customers while enhancing th ecompany's customer service.

Nordstrom operates 115 Nordstrom stores, 78 Nordstrom racks, two Jeffrey boutiques and one clearance store. It operates a distribution facility in Cedar Rapids.