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Prologis Moves Forward With $8B Segro Acquisition

Prologis announced Tuesday it will proceed with its acquisition of London-based logistics real estate operator Segro after the company's board accepted its final offer. The $8 billion transaction follows multiple rejections of earlier proposals from Segro's board.

Prologis is launching a public offering of 15 million shares to help finance the deal. Morgan and BofA Securities hold a 30-day option to purchase an additional 2.25 million shares at the $140 offering price.

The combination will expand Prologis' European portfolio by 47 percent to 368 million square feet, while adding a 13 million square-foot development pipeline on the continent. The merged company will manage $269 billion in assets. Prologis shareholders will receive 0.092 new shares for each Segro share held, with the option to take up to 25 percent in cash. Closing is targeted for the first half of 2027. Prologis plans to pursue a secondary listing on the London Stock Exchange.