Thursday, 21 September, 2017

GIC-backed GLP chooses Chinese group's $16b offer in Asia's biggest buyout

SGX Logo. Reuters SGX Logo. Reuters
Nicole Thomas | 15 July, 2017, 02:04

A Chinese consortium announced Friday it will buy Singaporean warehouse operator Global Logistic Properties (GLP) for 15.9 billion Singapore dollars (about 11.6 billion US dollars). GLP then hired JPMorgan as its financial adviser and Allen & Gledhill as its legal adviser to work on the review. That is slightly above the S$2.70 price that GLP shares last traded at on Wednesday, prior to a trading halt Thursday morning.

It was acquired by a consortium involving Hillhouse Capital Management.

The deal would be the largest private-equity buyout of an Asian company by enterprise value, surpassing last year's takeover of Qihoo 360 Technology Co (奇虎360), data compiled by Bloomberg show.

Global Logistic Properties (GLP) has received an offer of $3.38/share for all its issued and paid-up shares, valuing the company at S$16 billion.

The deal is expected to be completed on or before April 14 next, subject to shareholders' approval.

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The GLP Group-of which Singapore sovereign wealth fund GIC is the biggest shareholder with an nearly 37 percent stake-owns and manages a portfolio of logistics facilities in China, Japan, the United States and Brazil.

Earlier this year, GIC, which owns 37% of GLP, asked for a strategic review of the company's options, kicking off the process that led to the potential sale.

Seek Ngee Huat, GLP's chairman who also chairs the special committee undertaking the strategic review, said that, after an extensive evaluation of all final proposals received, it was chose to accept the proposed scheme. GIC said it is supportive of the transaction.

The Singaporean fund instructed the group to be more responsive to bidders' questions and share information transparently in the auction, the people said, asking not to be identified because the discussions were confidential.

"The GIC undertaking was required by Nesta before it would agree to undertake the acquisition".

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