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

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

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

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

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

($1 = 1.3733 Singapore dollars)

(Reporting by Anshuman Daga; Editing by Edwina Gibbs)