FTSE 100 property firm Segro agrees to £14.3bn takeover by Prologis

Published Aug 4, 06:43 AM UTC

FTSE 100 property firm Segro has agreed to a £14.3bn takeover by US-based Prologis, ending a long tussle between the two real estate giants. The deal, which will complete in the first half of next year, sees Segro shareholders receive 0.92 Prologis shares for each Segro share, with a partial cash alternative of £3.5bn. This marks another high-profile exit from the London Stock Exchange, with 11 firms worth over £1bn having quit the market via takeovers this year. The agreement follows weeks of public exchanges, with Segro CEO David Sleath previously calling Prologis' initial £12.6bn offer 'opportunistic, one-sided and inadequate'. The final offer represents a 39% premium to Segro's share price on the day of Prologis' first approach. Both CEOs expressed confidence in the combined platform's ability to create value in modern logistics and data centre infrastructure.