Vanke-led consortium approves GLP privatization
The S$15.9 billion (US$11.8 billion) deal would would make it the largest single private equity M&A in Asian history, officials said
A privatization plan for GLP has been approved by shareholders consisting of a wide range of Chinese enterprises led by Vanke, one of the largest real estate developers in China, Yicai.com reported.
Previously in July, Vanke announced that it had formed a consortium with Takatsuki Capital, SMG and BOC Investment to participate in the privatization purchase of GLP, which is a leading logistics facilities provider listed on the Singapore Exchange.
The consortium proposes to acquire the entire shares of GLP at a price of S$3.38 per share, or S$15.9 billion (US$11.8 billion). This would make it the largest single private equity M&A in Asian history.
Vanke will contribute no more than S$3.4 billion to secure approximately 21.4% equity, which will make it the largest shareholder of the company.
Zhang Xu, the executive vice president and COO of Vanke, said the company currently a total five million square meters of logistics warehousing. Combined with GLP’s 25-million-square-meters, Vanke will account for 60% of the warehousing space in China’s logistics sector.