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Race to buy US$10 bil valued GLP narrows down to two groups

Reuters Published on Fri, Jun 30, 2017 / 4:10 PM GMT+8

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SINGAPORE (June 30): The race to buy Global Logistic Properties is now between a Chinese consortium backed by the company's management and a rival group led by Warburg Pincus, sources said ahead of a Friday deadline to submit bids for the firm valued at US$10 billion ($13.8 billion).

An acquisition offers a chance for bidders to grab control of Asia's biggest warehouse operator which counts Amazon among its clients and is benefiting from rising demand for modern logistics facilities, driven by a boom in e-commerce business.

At current valuations, a successful transaction will rank as the largest Asian buyout by private equity groups, which are increasingly targeting bigger takeovers after raising record funds, according to Thomson Reuters data.