Allens is pleased to be advising Unibail-Rodamco on its proposed acquisition of Westfield Corporation for an enterprise value of US$24.7 billion (A$32.7 billion), which will be effected by inter-conditional Australian schemes of arrangement.
The transaction is one of the largest public M&A deals in Australian corporate history. It will create the world's premier developer and operator of flagship shopping destinations. The combined group will also be a global property leader, with US$72.2 billion of gross market value, strategically positioned in 27 of the world's most attractive retail markets and cities.
Under the deal, Westfield securityholders will receive a combination of cash and shares in Unibail-Rodamco. The scrip component of the consideration will comprise shares in Unibail-Rodamco and in a new Dutch REIT, which will be stapled together and will trade on Euronext Paris and Euronext Amsterdam, and as CDIs (CHESS Depositary Interests) on the ASX.
Allens' Head of M&A Guy Alexander, who led the Allens team, said:
'We have been advising Unibail-Rodamco on this transaction for some time now, including having our core M&A team camped in Paris and London for the past three weeks negotiating the final deal.
'As well as being a massive deal with assets around the world, it involves considerable complexity given its cross-border nature and the need to navigate through French, Dutch and Australian regulatory regimes.
'It is a honour to be acting for Unibail-Rodamco on the deal. There is still a lot of work to be done, but we are pleased to get to this milestone.
'It has also been great working closely with Unibail-Rodamco's French counsel, Darrois Villey Maillot Brochier, on the deal.'
Allens legal team
Core M&A team: Guy Alexander, Partner; Andrew Wong, Mergers & Acquisitions Counsel; Charles Ashton, Managing Associate.
Corporate: Marc Kemp, Partner; Lauren McInnes, Senior Associate; Stephanie Kam, Associate; Max Chapman, Lawyer; Jewel Zhu, Lawyer.
Banking & Finance: Tom Highnam, Partner; Rod Aldus, Senior Associate.
Tax: Craig Milner, Partner; Larry Magid, Consultant.
Employment: Veronica Siow, Partner; Tegan Ayling, Associate.
Notes for editors.
Allens is a commercial law firm working throughout Australia and Asia. Through its integrated alliance with Linklaters it provides clients access to 40 offices in 28 countries around the world.