After several weeks of silence since Prologis first made its attempts to acquire Duke Realty public—a nearly $24 billion all-stock bid which the smaller rival rejected, the two REIT have come to an agreement: On Monday morning they announced they have entered into a definitive merger agreement in which Prologis will acquire Duke Realty in an all-stock transaction, valued at approximately $26 billion, including the assumption of debt. The board of directors for Prologis and Duke Realty have unanimously approved the transaction.

Nothing was mentioned about what must have been fierce behind-the-scenes negotiations. Instead, Prologis Co-founder, CEO and Chairman Hamid R. Moghadam said in prepared remarks that "We have admired the disciplined repositioning strategy the Duke Realty team has completed over the last decade. They have built an exceptional portfolio in the US located in geographies we believe will outperform in the future."

 Prologis is gaining properties in key geographies, including Southern California, New Jersey, South Florida, Chicago, Dallas and Atlanta, the company noted.