Prologis, Inc. has entered into a Co-operation Agreement to acquire the entire share capital of UK-based SEGRO plc in a transaction valued at approximately £14.0 billion. The combination will be structured primarily as a share-for-share exchange, with a partial cash alternative available to SEGRO shareholders. The deal is expected to close in the first half of 2027, subject to shareholder and regulatory approvals.
Key Details
- Transaction Value: The offer values each SEGRO ordinary share at 1,031.7 pence, for a total equity value of approximately £14.0 billion.
- Offer Terms: SEGRO shareholders will receive 0.0920 shares of Prologis common stock for each SEGRO share. A partial cash alternative is available, capped at an aggregate of approximately £3.5 billion.
- Financing: The cash portion of the offer will be funded through a newly established committed term loan facility of up to £3.575 billion, along with existing liquidity.
- Ownership & Listing: Upon completion, existing SEGRO shareholders will own between 8.9% and 11.5% of the combined company, depending on the cash election uptake. Prologis will also seek a secondary listing of its common stock on the London Stock Exchange.