Prologis to Buy U.K.'s Segro for $18.8 Billion
By Adria Calatayud
Prologis agreed to buy U.K. rival Segro for 14 billion pounds ($18.81 billion), the companies said, in a deal that bulks up the U.S. warehouse landlord's European footprint.
Under the deal, Segro shareholders will be entitled to receive 0.0920 newly issued shares in Prologis for each Segro share held, with a partial cash alternative of up to 3.51 billion pounds, the companies said Tuesday.
The acquisition values Segro at 10.317 pounds a share, a 39% premium to the company's last closing price before Prologis disclosed in late June it was interested in a takeover.
Segro's directors intend to unanimously recommend the offer to shareholders, the companies said.
The deal comes after Segro rebuffed several approaches from Prologis in recent weeks before the U.S. company made a final proposal on July 22 that the target's board said it would likely accept.
Upon completion of the deal, or shortly after, Prologis shares will be admitted to trading on the London Stock Exchange, the companies said.
The deal will return Prologis' European exposure to levels similar to those before the Duke Realty acquisition in 2022, the companies said. Meanwhile, Segro investors will become shareholders in the world's largest logistics real-estate investment trust, they added.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
August 04, 2026 02:44 ET (06:44 GMT)
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