GLP is said to pick Chinese bidder in Asia's biggest buyout: Update

SINGAPORE (July 13): Global Logistic Properties, the US$9.2 billion ($12.7 billion) Singapore warehouse operator pursuing a sale, has picked a Chinese bidder consortium for final deal talks, people with knowledge of the matter said.

The investor group, fronted by GLP Chief Executive Officer Ming Mei, edged out a rival consortium led by Warburg Pincus, according to the people. The Chinese consortium, which includes private equity firms Hillhouse Capital Management and Hopu Investment Management, will now negotiate definitive terms for the transaction, the people said, asking not to be identified because the information is private.

Under the deal being contemplated, GLP would be taken private through a scheme of arrangement, the people said. The Chinese investor group will seek to obtain an undertaking from Singapore sovereign fund GIC, which owns about 37% of the company, to vote in favour of the offer, according to the people.  

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