Segro to be taken over by Prologis in £14.3bn deal

(Sharecast News) - Segro said on Tuesday that it has agreed to be taken over by US logistics giant Prologis in a £14.3bn deal. Under the terms of the agreement, Segro will shareholders will receive 0.0920 new Prologis shares for each of their shares and a partial cash alternative of up to £3.5bn.

The deal values Segro at 1,031.7p per share, which is a 39% premium to the closing share price on 23 June, the last day before the start of the offer period.

Chief executive David Sleath said: "Prologis shares our conviction in the long-term structural drivers underpinning demand for modern logistics and data centre infrastructure.

"We believe the combination would bring together two highly complementary businesses and create a compelling platform, combining Segro's exceptional portfolio and development pipeline with Prologis' existing European business and global scale, customer franchise and operational capabilities, while retaining a shared commitment to disciplined capital allocation, customers and people."

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