Global Logistic Properties agrees to be bought by China group for $11.6 billion
Global Logistic Properties (GLP), Asia`s biggest warehouse operator, said it had agreed to be acquired by a Chinese private equity consortium backed by senior GLP executives for roughly S$16 billion ($11.6 billion).
The deal is set to be Asia`s largest buyout by a private equity group.
"After an extensive evaluation of all final proposals received, the Special Committee decided on the proposed Scheme, which we believe is compelling and value-enhancing for all shareholders," Seek Ngee Huat, chairman of GLP`s Board said in a statement.
The Chinese group is offering S$3.38 in cash per share, representing 81 percent premium over its 12-month volume weighted average price.
China`s Hopu Investment Management and Hillhouse Capital Group were supported by GLP CEO Ming Mei in their bid, which trumped an offer by a Warburg Pincus-backed consortium.
The proposed acquisition will be done by way of a scheme of arrangement and the Chinese group plans to delist and take the Singapore-listed firm private.
GLP is currently 37 percent owned by Singapore sovereign wealth fund GIC. GIC said it is supportive of the transaction.
($1 = 1.3733 Singapore dollars)
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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