Indianapolis — Simon Property Group Inc. has completed its acquisition of an 80 percent ownership interest in The Taubman Realty Group Limited Partnership (TRG) for approximately $3.4 billion. Under the terms of the transaction, Simon, through its operating partnership, Simon Property Group L.P., acquired all of Taubman Centers Inc.’s (TCO) common stock for $43 per share in cash, and the Taubman family sold approximately one-third of its ownership interest at the transaction price and remains a 20 percent partner in TRG.
BofA Securities, Citigroup Global Markets Inc. and Evercore Group, L.L.C. are serving as financial advisors to Simon. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Latham & Watkins LLP are serving as legal advisors. Goldman Sachs & Co. LLC is serving as financial advisor to Taubman and Wachtell, Lipton, Rosen & Katz and Honigman LLP are serving as legal advisors. Taubman retained Lazard as its independent financial advisor and Kirkland & Ellis LLP as its independent legal counsel.
Indianapolis-based Simon is an owner of shopping, dining, entertainment and mixed-use properties.
TRG owns, manages and/or leases 26 regional, super-regional and outlet malls in the U.S. and Asia. Founded in 1950, TRG is a joint venture between Simon Property Group and the Taubman family and is headquartered in Bloomfield Hills, Michigan. Taubman Asia, founded in 2005, is headquartered in Hong Kong.