Prologis Inc to acquire DCT Industrial for $8.4 billion

Vastavam web: Prologis Inc, a logistics company with a global footprint, will acquire smaller U.S. rival DCT Industrial Trust Inc in an $8.4 billion all-stock transaction, including the assumption of debt, the two companies said on Sunday.The acquisition will deepen Prologis’ presence in high-growth markets including Southern California, the San Francisco Bay Area, New York, New Jersey, Seattle and South Florida, the companies said in a statement.

The board of directors of both companies unanimously approved the transaction, which is expected to create near-term savings of about $80 million, the statement said.The deal is the largest for Prologis since it merged with AMB Property Corp in 2011 in an $8.7 billion transaction.