Chinese group bids $11.6 bn for warehouse firm Global Logistic Properties Ltd (GLP) — Revolution in Retail

Peace and Freedom

AFP

© AFP/File | The growth of e-commerce firms such as Amazon and Alibaba is driving demand for modern warehouse space around the globe

SINGAPORE (AFP) – A Chinese consortium on Friday offered more than $11 billion for Singapore’s Global Logistic Properties Ltd, which provides warehouses for the likes of Amazon China and WalMart, as e-commerce drives demand for logistics space.

In filings with the Singapore Exchange, both firms said they were “pleased to announce the proposed acquisition” after GLP selected Nesta Investment Holdings as its preferred bidder.

Under the deal, Nesta would buy GLP shares at Sg$3.38 apiece, valuing the company at around Sg$16 billion ($11.6 billion).

Data compiled by Bloomberg showed the deal will be the biggest private equity buyout of an Asian company by enterprise value.

It would be the second-largest logistics deal this year after China Investment Corp agreed to acquire Blackstone Group LP’s European logistics business…

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