Westfield (ASX:WFD) is selling its business to French property giant Unibail-Rodamco for $32.74 billion (US$24.7billion).
Shareholders in the shopping centre empire will receive AUD$10.01 per share which is about an 18 per cent premium to Westfield’s closing price of $8.50 on 11 December.
The new combined empire will operate under the Westfield brand and be one of the world’s leading developers and operaters of shopping centres, across 104 locations, with 27 of those in capital cities, and a total value of AUD$95.52 billion (US$72.2 billion).
Chairman Sir Frank Lowy, who was knighted just this week by Queen Elizabeth II says the move was part of its journey, and had been on the cards since its 2014 restructure.
A new advisory board will be chaired by Sir Frank Lowy, providing independent advice to the new company.
The Lowy family also advised they will not sell their shares while the transaction takes place and after settlement the family will maintain a substantial holding in the new group.
Shares in Westfield (ASX:WFD) went into trading on Monday, closing 0.1 per cent higher at $8.50.