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Westfield Agrees to $15.7B Takeover by Europe’s Unibail-Rodamco
Australian-based Westfield Corporation agreed to be acquired by Unibail-Rodamco SE, Europe’s largest listed commercial property company. The cash-and-stock deal is valued at $15.7 billion, and implies an enterprise value of $24.7 billion for Westfield.
The proposed transaction received unanimous approval by both company boards. Under the terms of the agreement, Westfield security holders will receive a combination of cash and shares in Unibail-Rodamco valuing each Westfield security at a price of $7.55 and representing a premium of 17.8% to Westfield’s closing price on December 11, 2017.
Westfield’s Sir Frank Lowy AC said, “The transaction announced today is the culmination of the strategic journey Westfield has been on since its 2014 restructure. Unibail-Rodamco’s track record makes it the natural home for the legacy of Westfield’s brand and business.”
The created portfolio includes 104 assets that draw 1.2 billion visits annually, with 56 of the assets considered flagship shopping destinations. The transaction is expected to complete in Q2 2018.
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- ◦Sale/Acquisition
