Mall mashup: Washington Prime to buy Glimcher

Staff Writer
Columbus CEO

NEW YORK (AP) — Washington Prime Group Inc., which spun off from mall operator Simon Property Group earlier this year, is buying rival mall operator Glimcher Realty Trust for about $2.06 billion.

The combined company will own 119 malls and shopping centers around the country.

After the deal closes, which is expected to happen in the first quarter of 2015, the company will be renamed WP Glimcher.

Washington Prime will pay $14.20 in cash and stock for each share of Glimcher, a 34 percent premium from its closing price of $10.59 Monday.

As part of the deal, Columbus, Ohio-based Glimcher will sell two shopping centers to Simon Property Group Inc. for $1.09 billion.

Washington Prime says the total value of the transaction with Glimcher is worth about $4.3 billion, including debt.