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• The all-stock deal, which includes debt, is expected to close later this year
Warehouse operator Prologis Inc (NYSE: PLD) said on Monday it would buy Duke Realty Corporation (NYSE: DRE) in a deal worth $26 billion.
This comes after Duke Realty initially rejected the $24 billion offer by Prologis last month. Meanwhile, the all-stock deal, which includes debt, is expected to close later this year.
"This transaction increases the strength, size and diversification of our balance sheet while expanding the opportunity for Prologis to apply innovation to drive long-term growth," said Tim Arndt, Prologis' chief financial officer.
Prologis, the world’s largest warehouse operator, owns properties and development projects of about 1-billion-square-foot in 19 countries.
With the completion of the deal, another 160 million square feet of space would be added to Prologis’ business.
Picture Credits: Bloomberg News
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