By  on December 12, 2017

PARIS – Commercial real estate developer Unibail-Rodamco has entered into an agreement to acquire shopping center company Westfield Corporation for an enterprise value of $24.7 billion to create what the companies billed as the world’s leading developer and operator of flagship shopping destinations.

Under the terms of the deal, Westfield shareholders will receive a combination of cash and shares in Unibail-Rodamco valuing each Westfield share at $7.55, representing a premium of 17.8 percent to Westfield’s closing share price on Dec. 11, they said in a joint statement on Tuesday.

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