Warehouse giant Prologis Inc said it had agreed to acquire rival industrial real-estate business Liberty Property Trust (LPT.N) in a $12.6 billion deal to improve its U.S. presence amid the ecommerce boom.

If approved, Prologis said Liberty shareholders would receive 0.675 times a Prologis share for each unit they hold, about $61 a share. The deal is expected to close in the first quarter of 2020.

Prologis, which has a global footprint, said the all-stock deal including the assumption of debt would deepen its presence in U.S. markets such as Pennsylvania’s Lehigh Valley, Chicago, Houston, New Jersey and Southern California.

 
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