This document discusses the sale of Neiman Marcus Group to two private equity firms, Texas Pacific Group and Warburg Pincus, for $5.1 billion in 2005. At the time, Neiman Marcus was highly successful and profitable. The negotiation involved representatives from Neiman Marcus, the two buyer firms, lawyers, and an investment bank. The sale price of over $5 billion was considered high given Neiman Marcus' strong financial position. The agreement included protections for Neiman Marcus to prevent last-minute changes by the buyers.