Simon Property, Brookfield Set to Buy J.C. Penney in $800M Deal

U.S. mall owners Simon Property Group (SPG -1.7%) and Brookfield Property Partners (BPY +0.4%) are close to wrapping up an $800M deal to rescue J.C. Penney (OTCPK:JCPNQ +81.2%) from bankruptcy, Joshua Sussberg, a lawyer with Kirkland & Ellis, said at a court hearing this afternoon.

JCPNQ surges 76% in late afternoon trading.

Simon and Brookfield will pay ~$300M in cash and assume ~$500M in debt, CNBC reports, citing Sussberg.

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Source: Seeking Alpha