Prologis acquires Segro for 14 billion

US-based logistics real estate company Prologis has agreed to acquire British warehouse developer Segro in a deal valued at £14 billion. The agreement follows a weeks-long takeover battle in which Segro had previously rejected three offers from Prologis, the most recent of which was worth about £13.5 billion. Under the terms of the deal, Prologis will pay 1,032 pence per Segro share, with consideration consisting largely of stock plus £3.5 billion in cash. The combined company will seek a secondary listing on the London Stock Exchange. Both chief executives, David Sleath of Segro and Daniel Letter of Prologis, expressed confidence in the strategic rationale, citing complementary portfolios and the long-term demand for logistics and data centre infrastructure. The acquisition is part of a broader trend of overseas takeovers of UK businesses.