Hudson’s Bay’s well-known brand assets are getting a new home.

Canadian Tire has entered into a definitive agreement to acquire trademarks, logos, the HBC Stripes, and the coat of arms for $30 million.

Hudson’s Bay Company, commonly known as HBC, has been a key part of Canada’s retail landscape for centuries.

The transaction is still subject to court approval and other customary conditions, with the expected closing later this summer.

CEO Greg Hicks said the move keeps these brands in Canadian hands and builds on Canadian Tire’s generational connection to life in Canada.

“This choice feels as strategic as it feels patriotic. It builds on our generational connection to life in Canada and it fits our new True North strategy,” Hicks said in a statement.

Canadian Tire has also bid on a handful of Hudson’s Bay store leases, which could expand its retail footprint.

Hicks added that the company is proud to steward these brands into their next century, ensuring a piece of Hudson’s Bay’s legacy continues.