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Westfield acquired for US$24.7bn

Unibail-Rodamco has been advised on its multibillion dollar acquisition of Westfield, which it says will create the world’s premier developer and operator of flagship shopping destinations.

user iconJerome Doraisamy 18 June 2018 Big Law
Acquisition
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Firm: Allens (Unibail-Rodamco); King & Wood Mallesons (Westfield Corporation).

Deal: Allens has advised Unibail-Rodamco on its acquisition of Westfield Corporation, creating the Unibail-Rodamco-Westfield entity.

Value: US$24.7 billion (A$32.7 billion).

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Area: M&A.

Key players: The Allens team consisted of Guy Alexander, Kate Towey, Marc Kemp, Tom Highnam, Veronica Siow, Craig Milner and Kim Reid (partners), Andrew Wong (counsel), Derek Health and Larry Magid (consultants), Charles Ashton and Sikeli Ratu (managing associates), Eve Regnard, Dannie Hanna, Rod Aldus, Tom Tian, Chris Clark and Andrew Lazzaro (senior associates), Virosh Poologasundram, Elise Ho and Tegan Ayling (associates), Jewel Zhu and Max Chapman (lawyers) and Ellen Trevanion and Tarun Bhushan (law graduates).

Deal significance: The acquisition will create the “world’s premier developer and operator of flagship shopping destinations”, the firm said in a statement, with a portfolio valued at 62 billion euro and a development pipeline of 13 billion euro.

Allens head of M&A Guy Alexander said the deal had been a “complex, cross-border transaction with advisory teams working in Australia, the Netherlands, France, the UK and the US.

“The transaction has been a landmark one, and transformational for Unibail-Rodamco and Westfield,” he said.

“It has been extraordinary in its size, legal complexity and intensity and we are very proud to have been involved in its successful execution on what was an incredibly tight timetable.”

The transaction was “groundbreaking in many respects”, Allens said, as it was the first ASX listing of a French entity, first listing of stapled shares in France in more than 30 years and the first ever listing of stapled French and Dutch entities.

“Working on such a large and complex transaction takes a large team of people and the working relationship with the Unibail and Allens teams has been fantastic,” Mr Alexander said.

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