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Simon to Buy Taubman for $3.6 Billion to Fight Retail Slump

  • Deal combines rival mall operators as shoppers flock online
  • REITS tied to shopping centers have struggled in recent months
Updated on

Simon Property Group Inc. agreed to buy rival U.S. shopping-mall operator Taubman Centers Inc. for about $3.6 billion, a combination that comes as e-commerce continues to roil brick-and-mortar retail.

Simon will pay $52.50 a share in cash for all of Taubman’s common stock, the companies said in a statement Monday. That’s about 51% more than Taubman’s closing share price on Friday. Simon said it expects to fund the purchase with existing liquidity.