US approves Simon Property’s buy of Prime Outlets

By Reuters
Posted Nov. 11, 2010 at 9:20 a.m.

US antitrust regulators approved Simon Property Group’s purchase of Prime Outlets on Wednesday on condition that it sell an outlet center in Ohio and remove restrictions on some tenant leases in Chicago and Orlando.

The Federal Trade Commission, which assessed the deal to ensure it complied with U.S. antitrust law, approved the purchase, the agency said in a statement.

Simon, the largest U.S. mall owner, and Prime signed an agreement in December in which Simon agreed to buy Prime’s 22 outlet centers for approximately $2.3 billion, the FTC said.

That deal closed on Aug. 30, according to the Simon Property website.

In addition to selling an outlet center in Ohio, Simon will remove some restrictions from tenant leases in the Chicago and Orlando areas to allow them to open stores in nearby malls, the FTC said in a press release.

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