ProLogis, AMB Merger Official
- Feb 01, 2011
January 31, 2011
By Allison Landa, News Editor
Two industrial powerhouses have agreed to join forces. ProLogis and AMB Property Corp. announced a “merger of equals” that is expected to have a pro forma equity market capitalization of $14 billion, a total market capitalization in excess of $24 billion and gross assets owned and managed of $46 billion.
The transaction is expected to close in the second quarter of this year.
According to AMB chief operating officer Hamid Moghadam, the merger creates a stronger platform for sustainable value and growth, and creates a blue-chip REIT. He added that the combined firm will be active on four continents and will be well-positioned to create increased value for clients.
On completion of the merger, the firm will take on the name ProLogis. Under the terms of the agreement, each ProLogis common share will convert into approximately 0.5 of a newly issued AMB common share.
Stay tuned as we will be updating this story.