Global Logistics Properties set to be bought by Chinese consortium for $11.6 billion

By James Henderson
Warehouse operator Global Logistics Properties (GLP) is set to be bought by a Chinese consortium for a sum of $11.6 billion, which would be Asia's large...

Warehouse operator Global Logistics Properties (GLP) is set to be bought by a Chinese consortium for a sum of $11.6 billion, which would be Asia's largest buyout by private equity group.

GLP accepted the takeover offer from a management-backed group that includes private equity firms Hillhouse Capital Management and Hopu Investment Management, according to Bloomberg.

It beat off competition from US based private equity companies Waburg Pincus and Blackstone.

RELATED STORIES:

The business boasts a property portfolio of 55 million square meters across 117 cities, forming a logistics network serving more than 4,000 customers. GLP’s portfolio of customers includes Amazon, Walmart, Unilever and Carrefour.

The group, which also includes founder Ming Mei’s SMG, Bank of China Group Investment and a unit of China Vanke Co., offered S$3.38 a share, GLP said in a statement to the Singapore’s Stock Exchange.

GLP shares, which were suspended, surged 22 percent to S$3.30 after trading resumed in Singapore, the report added. 

Share

Featured Articles

GlobalWafers pauses US chips plant over Congress inaction

World’s third-largest semiconductor-wafer manufacturer GlobalWafers 'pauses plans for new US plant' until Congress makes $52bn available through CHIPS Act

Capgemini in cybersecurity warning on smart factories

Report from multinational consulting firm Capgemini shows Industry 4.0 tech is leaving smart factories open to cyberattack, & that action urgently needed

St Guys NHS Trust procurement head on health supply chains

Procurement & Supply Chain LIVE: The Risk & Resilience Conference welcomed Guy's & St Thomas NHS Trust Procurement Director David Lawson as a speaker

Global logistics round-up: air, sea, road and rail news

Logistics

Asia holds key to future success, McKinsey tells CEOs

Digital Supply Chain

Dynamic data key to unlocking supplier value - TealBook CEO

Procurement