The American giant Prologis has presented a new purchase proposal for the British Segro valued at €16.4 billion, after three failed attempts. Segro is developing a logistics hub for Isdin in Martorelles.
The American company Prologis, specialised in logistics assets, has raised its offer to acquire the British REIT Segro to £14 billion (€16.4 billion), which it describes as its final proposal. The deal, which is structured as a share exchange, comes after Segro rejected three previous offers since June 16.
The new proposal consists of an exchange of 0.0920 new Prologis shares for each Segro share, representing a 9.5% increase over the initial offer. Additionally, Prologis has included a partial cash alternative of up to €4.1 billion, which represents 25% of the total consideration. Thus, each Segro share would be valued at approximately €12.16, with a 14% premium over its adjusted net asset value.
From Prologis, its CEO, Dan Letter, stated that "there is no doubt that the merger of both companies would generate significant value" and urged Segro's board to recommend the deal to its shareholders. The American company considers this to be its "best and final" offer.
The deadline to submit a firm offer expired on July 22, according to British legislation. Following the news, Segro's shares surged by 15.5% on the stock market, while the market positively values the possibility of the merger.
The deal has a clear impact on the logistics sector in the province of Barcelona. Segro announced last March that it would develop the logistics hub for the dermatology and cosmetics laboratory Isdin in the Can Roca industrial estate in Martorelles. This involves a warehouse of about 22,000 square metres on a plot of 36,000 square metres, which is expected to be operational from the second half of 2027.
For its part, Prologis has also strengthened its presence in Spain. The company has made several hires for its structure in the country and recently acquired land in Madrid to create a new logistics hub of reference in Europe. With the potential acquisition of Segro, Prologis would add key logistics assets in the metropolitan area of Barcelona, consolidating its position in the European market.
The Segro board has not yet officially commented on this new offer, although on previous occasions it claimed that the REIT's shareholders would have "immediate access to significant revaluation potential" with the initial proposal. Now, with a 14% premium over the net asset value, the decision could be different.
The merger of both companies would create a global giant in the logistics sector, with a portfolio of assets valued at over €60 billion. In the local context, the deal could accelerate the development of the Martorelles hub and generate new investments in the area.
Segro's shareholders will now have the final say. If the transaction is completed and all shareholders opt for the cash alternative, current Segro participants would own approximately 8.9% of the issued share capital of Prologis.
The deadline for the Segro board to respond to the offer has not been specified, but the market expects a response in the coming days. Meanwhile, the logistics sector in Barcelona remains attentive to the movements of major operators.
