Prologis announced Tuesday that it will move forward with a plan to acquire London-based logistics warehouse operator Segro. Prologis put forward its "best-and-final" offer last month, following multiple rejections from Segro's board. The final price tag values Segro at $18.8 billion.
Prologis (NYSE: PLD) also announced Tuesday a public offering for 15 million shares of common stock to help fund the transaction. It expects to generate $2.1 billion in gross proceeds from the transaction. Underwriters J.P. Morgan and BofA Securities have a 30-day option to purchase up to an additional 2,250,000 shares.
Shares of PLD were down 2.8% to $140.15 in early trading on Tuesday, which was in line with the $140 offering price.
"We are pleased to have reached agreement with the SEGRO Board on a combination that we believe will create meaningful value," said Prologis CEO Dan Letter in a news release. "This deal brings together SEGRO's exceptional portfolio and customer relationships with Prologis' global platform, operating expertise and financial strength."
Adding Segro (LSE.SGRO) will expand Prologis' European portfolio by 47% to 368 million square feet and give it a development pipeline on the continent totaling 13 million square feet.
#segro #shares #forward
Prologis (NYSE: PLD) also announced Tuesday a public offering for 15 million shares of common stock to help fund the transaction. It expects to generate $2.1 billion in gross proceeds from the transaction. Underwriters J.P. Morgan and BofA Securities have a 30-day option to purchase up to an additional 2,250,000 shares.
Shares of PLD were down 2.8% to $140.15 in early trading on Tuesday, which was in line with the $140 offering price.
"We are pleased to have reached agreement with the SEGRO Board on a combination that we believe will create meaningful value," said Prologis CEO Dan Letter in a news release. "This deal brings together SEGRO's exceptional portfolio and customer relationships with Prologis' global platform, operating expertise and financial strength."
Adding Segro (LSE.SGRO) will expand Prologis' European portfolio by 47% to 368 million square feet and give it a development pipeline on the continent totaling 13 million square feet.
#segro #shares #forward
1 month ago
