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Hamid Moghadam, chief executive officer of Prologis.
Prologis, a logistics company having a global footprint, will acquire smaller U.S. rival DCT Industrial Trust in an $8.4 billion all-stock transaction, including the assumption of debt, the two companies said on Sunday.
The acquisition will deepen Prologis’ presence in high-growth markets including Southern California, the San Francisco Bay Area, completely new York, completely new Jersey, Seattle in addition to South Florida, the companies said in a statement.
DCT shareholders will receive 1.02 Prologis shares for every DCT share they own. The transaction can be supposed to close from the third quarter in addition to can be subject to the approval of DCT stockholders, among different customary conditions, they said.
The board of directors of both companies unanimously approved the transaction, which can be supposed to create near-term savings of about $80 million, the statement said.
The deal can be the largest for Prologis since of which merged with AMB Property in 2011 in an $8.7 billion transaction.
Prologis owned or managed more than 3,0 properties worldwide as of Dec. 31 in addition to leased facilities to about 5,000 customers, the largest being Amazon.com followed by DHL. Seventy percent of its business can be U.S. based.