Prologis announced it will proceed with its $18.8 billion acquisition of London-based logistics warehouse operator Segro. The company put forward its best-and-final offer last month after multiple rejections from Segro's board. Prologis also launched a public offering of 15 million common shares to help fund the deal, expecting $2.1 billion in gross proceeds, with underwriters J.P. Morgan and BofA Securities holding a 30-day option for up to an additional 2.25 million shares. The combination will expand Prologis' European portfolio by 47% to 368 million square feet and add a 13-million-square-foot development pipeline, creating a combined entity with $269 billion in assets under management. Segro stockholders will receive 0.092 new Prologis shares per share held, with an option for up to 25% in cash, and the deal is expected to be neutral to minimally dilutive to funds from operations in the first full year after closing, scheduled for the first half of 2027.
Prologis IncPrologis proceeds with $18.8B acquisition of Segro, funded partly by a share offering, expanding its portfolio.
Segro PlcSegro stockholders receive Prologis shares and cash in a takeover, likely at a premium.
Bank of America Corp
JPMorgan Chase & Co