INDIANAPOLIS (Inside INdiana Business) — Indianapolis-based Simon Property Group Inc. (NYSE: SPG) has completed its $3.4 billion merger with Taubman Centers Inc. (NYSE: TCO) in Michigan. The deal, which was originally announced in February, is the conclusion of a contentious process, which at one point included Simon terminating the merger agreement.
As a result of the merger, Simon now owns an 80% interest in The Taubman Realty Group Limited Partnership, with the Taubman family owning the remaining 20%.
“We are very pleased to complete this transaction and to add some of the world’s premier retail assets to our portfolio,” David Simon, chief executive officer of Simon Property Group, said in a news release. “This investment will enhance the ability of TRG to establish innovative retail environments for consumers and to create new job prospects for the communities in which it operates.”
In June, Simon pulled out of what was then a $3.6 billion deal, citing a breach of the merger agreement by Taubman by failing to mitigate the impact of the COVID-19 pandemic. Litigation followed and a judge ordered the case into mediation.
Last month, Simon announced it had reached a modified merger agreement with Taubman.