SAO PAULO, Jan 14 (Reuters) - Brazil's Aliansce Sonae announced on Friday it has submitted a non-binding offer to merge with fellow mall operator BR Malls, confirming a move expected since late December.

Aliansce Sonae has proposed a merger of equals in which BR Malls' shareholders would receive 50% of the new company plus a cash payment, According to a securities filing.

BR Malls' shareholders would receive 265 million new common shares in Aliansce Sonae, or 50% of its share capital, with an exchange ratio of 0.32 common share in Aliansce for each common share in BR Malls, Aliansce said.

The cash payment would total 1.35 billion reais ($244.18 million), or about 20% of BR Malls' market capitalization, it added.

"This merger of equals has the capacity to strengthen the combined company's business, taking advantage of the talents and best practices of each company... In addition, it should generate several growth opportunities," Aliansce said.

Aliansce Sonae currently has a market capitalization of 5.21 billion reais, while BR Malls has a market capitalization of 6.85 billion, Refinitiv Eikon data showed.

Aliansce is backed by the Canada Pension Plan Investment Board (CPPIB) fund and also has European mall operator ECE and founder and chairman Renato Rique as major shareholders.

($1 = 5.5286 reais) (Reporting by Gabriel Araujo; editing by Jason Neely)