Prologis will acquire Duke Realty in a $ 26 billion deal that includes all the shares, including debt, the companies announced on Monday, as the world’s largest warehouse owner seeks to strengthen its portfolio in the middle of concerns about declining demand.
Duke Realty shareholders will receive 0.475 shares of Prologis for every share they hold, or $ 55.68, according to Reuters estimates.
Duke Realty shares rose 0.8% to $ 50.18 after the announcement of the deal, while that of Prologis fell 7%.
Prologis will add 164.9 million square feet of rental assets to 19 markets through the deal, which is valued at about $ 21 billion on a share basis.
Prologis will own approximately 94% of Duke’s assets. The warehouse giant expects the deal to eventually save hundreds of millions of dollars.
Source: Capital
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