en.Wedoany.com Reported - SEGRO has reached an agreement with US competitor Prologis on a £14 billion acquisition deal. SEGRO primarily develops and operates industrial and logistics assets in the South East of England, the Midlands, and across Europe.

The US company had previously made multiple proactive approaches, all of which were rejected by SEGRO. This time, Prologis's "best and final offer" was accepted by SEGRO, and the two parties subsequently agreed on a recommended share offer with a partial cash alternative, through which Prologis will acquire the entire issued and to-be-issued ordinary share capital of SEGRO.

According to the terms of the deal, SEGRO shareholders will receive 0.0920 new Prologis shares for each ordinary share held, while also being eligible to participate in a partial cash alternative of up to £3.5 billion. Based on this, the offer values SEGRO's share capital at approximately £14.3 billion. SEGRO's board has unanimously recommended that shareholders accept the acquisition.

Daniel S Letter, Chief Executive Officer of Prologis, stated that following the agreement with SEGRO's board, the merger will combine SEGRO's portfolio and customer relationships with Prologis's global platform, operational expertise, and financial strength, which is expected to create significant value. He also noted that the constructive engagement between the leadership teams of both companies during the discussions has strengthened confidence in future opportunities.

David Sleath, Chief Executive Officer of SEGRO, stated that SEGRO has built a portfolio of industrial, logistics, and data centre assets over many years in some of the most attractive regions in Europe. He believes that Prologis recognises the long-term structural drivers of modern logistics and data centre infrastructure, and that the merger will bring together two highly complementary businesses, continuing the shared commitment to disciplined capital allocation, customers, and employees, while also providing SEGRO shareholders with the opportunity to realise existing value and share in the future growth of the combined group.