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Global Logistic Properties agrees to be bought by China group for $11.6 billion

Reuters  |  SINGAPORE 

(Reuters) - Global Logistic Properties (GLP), Asia's biggest warehouse operator, said it had agreed to be acquired by Chinese private equity consortium backed by senior executives for roughly S$16 billion ($11.6 billion).

The deal is set to be Asia's largest buyout by 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 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 CEO Ming Mei in their bid, which trumped an offer by Warburg Pincus-backed consortium.

The proposed acquisition will be done by way of scheme of arrangement and the Chinese group plans to delist and take the Singapore-listed firm private.

is currently 37 percent owned by sovereign wealth fund GIC. GIC said it is supportive of the transaction.

($1 = 1.3733 dollars)

(Reporting by Anshuman Daga; Editing by Edwina Gibbs)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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