Simon strikes deal for majority ownership of Taubman shopping centers


INDIANAPOLIS (WTHR) — Simon Property Group is acquiring a majority stake in Taubman Centers in a deal announced Monday.

According to a joint statement announcing the acquisition, Simon will acquire an 80 percent ownership interest in The Taubman Realty Group Limited Partnership, Inc (TRG). Simon will work with Taubman to "implement best practices to achieve operational efficiencies" at its 26 super-regional shopping centers in the U.S. and Asia, centered mostly in major markets.

The $3.6 billion deal has been unanimously approved by directors of both companies. Simon expects to fund the total required cash consideration with existing liquidity.

Simon will also acquire all of Taubman common stock for $52.50 per share in cash and the Taubman family will sell approximately one-third of its ownership interest at the transaction price and remain a 20 partner partner in TRG.

The deal is expected to closed later this year.

See a map of Taubman properties.

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