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In Asia's biggest buyout, Singapore's GLP sold to Chinese group for $11.6 b

GLP shares, which were suspended, surged 22% to S$3.29 after trading resumed in Singapore

Pooja Thakur & Joyce Koh | Bloomberg 

A Chinese consortium agreed to pay S$16 billion ($11.6 billion) for Global Logistic Properties, the warehouse operator backed by Singapore’s sovereign wealth fund, in Asia’s biggest buyout. GLP accepted the takeover offer from a management-backed group that includes private equity firms Hillhouse Capital Management and Hopu Investment Management. The group, which also includes founder Ming Mei’s SMG, Bank of China Group Investment and a unit of China Vanke, offered S$3.38 a share, GLP said in a statement to Singapore’s stock exchange. GLP shares, which ...

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First Published: Sat, July 15 2017. 01:12 IST