Westfield Corporation (ASX:WFD) announced the spin-off OneMarket Limited on December 12, 2017. Westfield Corporation and OneMarket Limited entered into a demerger deed to spin off OneMarket on April 6, 2018. Existing Westfield security holders will receive 1 fully paid ordinary share in OneMarket for every 20 Westfield Securities they currently hold as part of the demerger. OneMarket will demerge as a standalone entity and as the ASX listed entity. OneMarket’s shares will trade under the code “OMN”. Westfield Corporation’s shareholders will hold 100% of the issued shares in OneMarket Limited, which, in turn, will initially have a 90% interest in OneMarket Holdings, Inc. The remaining 10% interest in OneMarket Holdings, Inc. will be retained by Westfield Corporation. The demerger record date is June 1, 2018. For the year ending December 31, 2016, OneMarket had revenues of $2.2 million (AUD 3 million), loss after tax of $133.4 million (AUD 184.4 million), total assets of $199.6 million (AUD 276 million) and net assets of $187.6 million (AUD 259.4 million). On the demerger implementation date the Board of OneMarket Limited will comprise Steven Lowy as Non-Executive Chairman, Donald Kingsborough as Chief Executive Officer, Ilana Atlas as Non-Executive Director, Mark Johnson as Non-Executive Director and Brian Long as Non-Executive Director. The transaction is conditional on the Unibail-Rodamco acquisition of Westfield proceeding, approval by scheme court, Unibail-Rodamco schemes being approved by the scheme Court at the second court hearing for that proposal and ASX approving the admission of OneMarket to the official list and grants permission for official quotation of OneMarket Shares, subject to any conditions that ASX may reasonably require. The transaction has the unanimous support of the Westfield Board. The Westfield Directors unanimously recommend that shareholders vote in favor of the resolutions to approve the demerger scheme and related capital reduction on May 24, 2018. The demerger implementation date is June 7, 2018. Grant Samuel & Associates Pty Limited acted as Independent Expert and King & Wood Mallesons as legal advisor for Westfield Corporation. Ernst & Young acted as auditor and Ernst & Young Transaction Advisory Services Limited acted as investigating accountant for OneMarket. Rothschild acted as financial advisor to Westfield Corporation. Computershare Investor Services Pty Limited acted as transfer agent for Westfield Corporation and OneMarket Limited. Grant Samuel will receive a fixed fee of $1.8 million (AUD 2.38 million) for services on the transaction and the demerger. The fee for professional services paid or payable to financial advisors is approximately $0.6 million (AUD 0.79 million), legal advisors is approximately $1.8 million (AUD 2.38 million), accounting and tax advisors is approximately $1.1 million (AUD 1.5 million), other experts (including Grant Samuel) is approximately $0.4 million (AUD 0.52 million). Westfield Corporation (ASX:WFD) completed the spin-off OneMarket Limited for AUD 140.2 million on June 7, 2018. The demerger scheme consideration, being one OneMarket share for every 20 Westfield Corporation Limited shares, has been transferred to each Westfield security holder who was registered as the holder of Westfield Corporation Limited share on June 1, 2018.