The warehouse provider is delisting from the Singapore Exchange on Jan. 22 as part of a $16 billion Singapore (U.S. $12 billion) privatization deal.
The planned privatization of warehouse provider Global Logistic Properties (GLP) now has an official launch date, the Singapore-based company revealed Tuesday.
GLP is to delist from the Singapore Exchange on Jan. 22 as part of a record $16 billion Singapore (U.S. $12 billion) privatization deal. The arrangement is effective and binding as of Wednesday, GLP said.
The privatization was approved by GLP shareholders on Nov. 30, 2017.
Chinese private equity consortium Nesta Investment Holdings – which is backed by senior GLP executives – is paying $3.38 Singapore per share in cash to acquire the warehouse provider in what amounts to one of the largest private equity buyouts ever of an Asian company by enterprise value.
The payments are expected to be made to the shareholders’ designated bank account or by check by Jan. 19, GLP said.
GLP, which is Asia’s biggest warehouse operator, has a $41 billion portfolio of assets spread across China, Japan, Brazil and the United States. It has seen its portfolio rise in value over the years due to an e-commerce boom driven by amazon.com and other online retailers.
GLP reveals when it will delist from Singapore Exchange
