Global Logistic Properties (GLP) on Friday agreed for a S$16 billion offer from a Chinese consortium, bringing an end to a months-long sale process for Singapore-listed warehouse operator.
The Chinese consortium, which includes private equity firms Hillhouse Capital Management, Hopu Investment Management, SMG, BOCGI and realty firm Vanke, has offered about S$3.38 per share for GLP.
The offer represents a premium of about 81 percent over the company’s 12-month volume weighted average price of S$1.87, GLP said in a release.
GLP, which has a $41 billion property portfolio, provides facilities in China, Japan, U.S. and Brazil. Its customers include Adidas, Coca-Cola, Loreal among others.
Once the scheme is effective, GLP will become a wholly-owned subsidiary of the consortium and will be delisted from the Singapore’s mainboard.
J.P. Morgan is the financial adviser to GLP while Citigroup Global Markets Singapore, Morgan Stanley Asia Singapore and Goldman Sachs Singapore Pte. advised the consortium on the deal.
GLP has requested for a removal of trading halt on its shares, which last traded at S$2.7. The company has a market capitalization of about $10 billion.