Kirkland & Ellis is advising the Special Committee of the Board of Directors of Taubman Centers, Inc. (NYSE: TCO) in the acquisition of Taubman by Simon Property Group, Inc. (NYSE: SPG). In the transaction, Simon Property Group will acquire 100% of the outstanding stock of Taubman Centers and an 80% ownership interest in The Taubman Realty Group Limited Partnership (“TRG”) for cash consideration of approximately $3.6 billion and for Simon OP Unit consideration of approximately $119 million. As part of the transaction, the Taubman family will sell approximately one-third of its ownership interest in TRG and remain a 20% partner in TRG (with a rolled interest valued at approximately $0.9 billion). Taubman Centers is a leading real estate investment trust engaged in the ownership, management and leasing of retail shopping centers in the U.S. and Asia. The transaction is subject to customary closing conditions and is expected to close in mid-2020.
The Kirkland team was led by transactional partners Eric Schiele, Michael Brueck and Marshall Shaffer and also included transactional partners David Fox and David Perechocky, transactional associates Brandon Nesfield and Sean Brownridge, visiting attorney Tal Maman, tax partners Mike Beinus and Meredith Levy, tax associate Amanda Milhet, executive compensation partners Michael Krasnovsky and Julia Petty, executive compensation associate Faye Whiston, capital markets partner Ross Leff, antitrust partners Ellen Jakovic and Jeff Ayer and antitrust associate Lauren Taylor.