Shearman & Sterling advised Unibail-Rodamco on its proposed $25 billion acquisition of Westfield Corporation. This transaction will create a global property leader with €61.1 billion (US$72.2 billion) of gross market value and a presence in 27 of the world’s most attractive retail markets and cities.
The transaction involves novel and complicated structuring in which stapled units of stock of three Westfield entities will be acquired. Unibail also intends to form its own stapled unit arrangement to hold the Westfield U.S. assets so Westfield and Unibail shareholders will become owners of stapled units in French and Dutch REIT entities. The transaction also involves the indirect acquisition of a U.S. REIT, as well as a U.K. REIT, by Unibail, which operates under the French REIT regime.
The firm is advising on the U.S., U.K., Italian and certain French aspects of the REIT transaction, acting alongside Darrois Villey Maillot Brochier, Allens, Lacourte Raquin Tatar, NautaDutilh, Clifford Chance Europe LLP and Capstan Avocats.