Two of the fashion’s most loved department stores are joining forces under Hudson’s Bay Company.

The Canadian-based HBC – which owns Lord & Taylor – announced late-July that it would be acquiring Saks Incorporated for $2.9 billion.

Richard Baker, the company’s governor, says the transaction is expected to be complete by Nov. 4.

While Baker acknowledges that the acquisition gives the company a greater amount of resources in the fashion industry, he says Lord & Taylor and Saks will be run very separately with different teams.

John Antonini, vice president and general manager for Saks Fifth Avenue in Town Center at Boca Raton, says he’s excited for Lord & Taylor to be part of the family.

He expects Saks to expand and open stores in Canada.

Lord & Taylor recently returned to Boca and now calls Mizner park its home.

Find out more about Hudson’s Bay here.