Prologis to acquire DCT for $8.4 billion

NEW YORK: Prologis Inc, a logistics company with a global footprint, will acquire smaller US rival DCT Industrial Trust Inc in an $8.4 billion all-stock transaction, including the assumption of debt, the two companies said.
The acquisition will deepen Prologis’ presence in high-growth markets including Southern California, the San Francisco Bay Area, New York, New Jersey, Seattle and South Florida, the companies said in a statement.
DCT shareholders will receive 1.02 Prologis shares for every DCT share they own. The transaction is expected to close in the third quarter and is subject to the approval of DCT stockholders, among other customary conditions.
The board of directors of both companies unanimously approved the transaction, which is expected to create near-term savings of about $80 million, the statement said.
— Reuters