The parent company of Saks Fifth Avenue has signed a deal to buy upscale rival Neiman Marcus Group, which owns Neiman Marcus and Bergdorf Goodman stores, for $2.65 billion, with online behemoth Amazon holding a minority stake.

The new entity would be called Saks Global, which will comprise the Saks Fifth Avenue and Saks OFF 5TH brands, Neiman Marcus and Bergdorf Goodman, as well as the real estate assets of Neiman Marcus Group and HBC, a holding company that purchased Saks in 2013.

The deal comes after months of rumors that the department store chains had been negotiating a deal. But the twist is Amazon’s minority stake, which adds “a bit of spice” to an otherwise anticipated pact, according to Neil Saunders, managing director of GlobalData, a research firm.

China’s BYD inaugurates first plant in Thailand as it expands reach into Southeast Asia

Chinese automaker BYD has inaugurated its first electric vehicle plant in Thailand, part of the company’s effort to expand into Southeast Asia while also tackling wealthier markets in the U.S. and Europe.

The factory’s opening comes on the same day that the European Union is expected to begin imposing higher tariffs on EVs made in China due to concerns over competition from the cheaper-priced imports. The new factory in Rayong, south of Bangkok, was built in just 16 months and has an annual production capacity of 150,000 vehicles. It makes several BYD models and also batteries and transmissions. Thailand aims to have 30% of all vehicles made in the country be electric by 2030.