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Prologis, a logistics company with 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, New York, New Jersey, Seattle and South Florida, the companies said in a statement.
DCT shareholders will receive 1.02 Prologis shares for every DCT share they own. The transaction is expected to close in the third quarter and is subject to the approval of DCT stockholders, among other customary conditions, they said.
The board of directors of both companies unanimously approved the transaction, which is expected to create near-term savings of about $80 million, the statement said.
The deal is the largest for Prologis since it merged with AMB Property in 2011 in an $8.7 billion transaction.
Prologis owned or managed more than 3,200 properties worldwide as of Dec. 31 and leased facilities to about 5,000 customers, the largest being Amazon.com followed by DHL. Seventy percent of its business is U.S. based.