Westfield Corp., owner of the Westfield Topanga & the Village in Woodland Hills, was acquired by French commercial real estate firm Unibail-Rodamco for $16 billion, the companies announced Tuesday.

The cash-and-stock deal values each share of Westfield at $7.55, an 18 percent premium over Monday’s closing price. The combined company will control retail properties worth $72.2 billion.

The deal will allow Unibail-Rodamco to expand into, “new attractive real estate markets,” Christophe Cuvillier, chief executive of Unibail-Rodamco, said in a statement.

Westfield Corp. operates 16 malls in California, including Westfield Topanga, Westfield Fashion Square in Sherman Oaks and Westfield Valencia Town Center in Santa Clarita.

The Business Journal called Westfield for further comments on what the deal will mean for malls in the Valley region, but the company declined to provide additional information.