Report: Simon, Brookfield Offer to Acquire Kohl’s
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Indianapolis-based Simon Property Group Inc. (NYSE: SPG) is reportedly looking to expand its retail ownership footprint. The mall owner and Canada-based Brookfield Asset Management Inc. (NYSE: BAM) are looking to acquire Kohl’s (NYSE: KSS) in an $8.6 billion deal, according to the New York Post.
The publication cites people with knowledge of the discussions who say Simon and Brookfield have offered $68 per share to acquire the retail chain.
Simon and Brookfield J.C. Penney in 2020 after it had filed for Chapter 11 bankruptcy protection earlier that year. The deal was valued at $800 million.
As part of the plan, Simon and Brookfield look to streamline operations at Kohl’s and cut costs by $1 billion over three years, according to The Post. If the offer goes through, a source says the new owners would have a single management team operating both J.C. Penney and Kohl’s, though the two brands would remain separate.
You can read the full story from the New York Post by clicking here.
According to our partners at the Indianapolis Business Journal, Simon and Brookfield were part of the team that acquired the Forever 21 chain out of bankruptcy in 2020. Simon has also, along with Authentic Brands, acquired Aeropostale in 2016, Brooks Brothers and Lucky Brand Jeans in 2020, and Eddie Bauer in 2021.