Nordstrom said Monday that it would be taken private after agreeing to be acquired by members of the Nordstrom family and a Mexican department store company. The Nordstrom family and El Puerto de Liverpool will purchase all outstanding common shares they don’t already own in a cash transaction valued at roughly $6.

Century-old department store Nordstrom has agreed to be acquired and taken private by Nordstrom family members and a Mexican retail group for $6.25 billion, the company said Monday

Nordstrom has agreed to be acquired by its founding family and Mexican retailer El Puerto de Liverpool in a deal that values the luxury department store operator at about $6.25 billion, including debt.

Nordstrom Inc. is going private through an all-cash transaction valued at about $6.25 billion in a bet by the founding family that the department-store company will be more successful without the scrutiny and demands of the public market.

Nordstrom has agreed to be acquired and taken private by the family that founded it and the Mexican retail group El Puerto de Liverpool.

The great-grandsons of Nordstrom’s founder lead a family group which will take over the company after 53 years on public markets.