DCT Industrial Shareholders Approve $8.4B Prologis Deal
The transaction is expected to close later this week.
DENVER–DCT Industrial Trust shareholders approved the $8.4 billion merger agreement announced earlier this year with Prologis at a special shareholders meeting held yesterday.
When the transaction closes, which is expected to happen this week, DCT Industrial stockholders will receive 1.02 Prologis shares for each DCT share they own. At closing DCT will be merged into Prologis and will no longer trade on the NYSE.
BofA Merrill Lynch is acting as exclusive financial advisor and Goodwin Procter LLP is serving as legal advisor to DCT. J.P. Morgan is acting as exclusive financial advisor and Mayer Brown LLP is serving as legal advisor to Prologis.
Complementary Portfolios
The driving force behind this deal is the growing influence e-commerce now has on the industrial sector — and the subsequent need for scale and presence in infill, urban markets. Denver-based DCT Industrial Trust’s 71 million square foot operating portfolio will expand Prologis’ presence in Southern California, the San Francisco Bay Area, New York/New Jersey, Seattle and South Florida.
When the deal was first announced Prologis chairman and chief executive officer Hamid R. Moghadam said the REITs’ respective portfolios are very complementary and will allow Prologis “to capture significant scale economies immediately.”