Log in or Register for enhanced features | Forgotten Password?
White Papers | Suppliers | Events | Report Store | Companies | Dining Club | Videos

Supply Chain
Return to: LBR Home | Supply Chain

Nesta offers $11.6bn to acquire Singapore logistics firm GLP

LBR Staff Writer Published 17 July 2017

Nesta Investment Holdings has offered around S$16bn ($11.6bn) to acquire Singapore-based Global Logistic Properties (GLP).

Nesta Investment Holdings is a wholly-owned subsidiary of Nesta Investment Holdings MidCo, which is owned by a consortium that includes HOPU, Hillhouse Capital, SMG, BOCGI and Vanke.

The company has proposed to pay S$3.38 cash per share, representing 25% more than its closing price on 12 July.

GLP intends to appoint an independent financial adviser to advise the independent directors in connection with the deal.

GLP board chairman Dr Seek Ngee Huat said: “The Special Committee, with guidance from our financial adviser J.P. Morgan and legal adviser Allen & Gledhill, conducted an in-depth and independent review in order to achieve the optimal result for all shareholders.

“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.”

GLP operates logistics facilities in China, Japan, Brazil and the US. The company has $38bn portfolio with 52 million ft² of space.

The firm provides services to around 4,000 customers, including manufacturers, retailers and third party logistics companies.

GLP has around 2,642 completed properties across 117 cities in the world.

Last December, GLP secured a land parcel to develop long-term logistics facilities in Sagamihara, Japan with an investment of about $1.1bn.

The facility, GLP Sagamihara, will be developed in phases with a total gross floor area of about 655,000 mt2 (7 million ft2) across six buildings.

Image: Nesta has proposed to acquire Singapore-based Global Logistic Properties. Photo: courtesy of Chaiwat / FreeDigitalPhotos.net.