Prologis, a logistics assemblage with a global footprint, will acquire smaller U.S. rival DCT Industrial Count on in an $8.4 billion all-stock transaction, including the assumption of debt, the two corporations said on Sunday.
The acquisition will deepen Prologis’ presence in high-growth furnishes including Southern California, the San Francisco Bay Area, New York, New Jersey, Seattle and South Florida, the retinues said in a statement.
DCT shareholders will receive 1.02 Prologis quotas for every DCT share they own. The transaction is expected to close in the third caserne and is subject to the approval of DCT stockholders, among other customary conditions, they put about.
The board of directors of both companies unanimously approved the transaction, which is hope for to create near-term savings of about $80 million, the statement utter.
The deal is the largest for Prologis since it merged with AMB Property in 2011 in an $8.7 billion arrangement.
Prologis owned or managed more than 3,200 properties worldwide as of Dec. 31 and leased facilities to not far from 5,000 customers, the largest being Amazon.com followed by DHL. Seventy percent of its transaction is U.S. based.