Paris-based Unibail-Rodamco SE has entered into an agreement to acquire Westfield Corp. The transaction implies an enterprise value for Westfield of $24.7 billion.
“It adds a number of new attractive retail markets in London and the wealthiest catchment areas in the United States,” said Christophe Cuvillier, chairman of the management board and CEO of Unibail-Rodamco,
The transaction is considered the biggest takeover of an Australian company and a shift in global retail property to counter online shopping, according to Reuters.
Unibail-Rodamco, formed in 2007 by the merger of France’s Unibail and Dutch-based Rodamco, said it would rebadge its malls with the red Westfield logo and would create a global leader with $72 billion of gross market value in 27 retail markets, including London, Los Angeles, Munich, New York, Paris, San Francisco, San Jose, Stockholm, Vienna, Madrid and Warsaw.
These include 56 flagship shopping destinations such as Westfiel
