Shareholders of Singapore logistics firm GLP approve US$11.6 billion buyout by Chinese-led consortium
Property firm China Vanke and fund Hillhouse Capital, along with GLP management, are part of the buyer group
Global Logistic Properties (GLP), the Singapore-listed logistics giant and the largest operator of warehouses in China, said a proposed S$16 billion (US$11.6 billion) buyout of the firm by a consortium led by developer China Vanke Co and Chinese fund Hillhouse Capital had been approved by shareholders on Thursday.
GLP said 99.96 per cent of the total number of shares voted by shareholders present and voting in person or by proxy at the meeting were in favour of the buyout proposal.
The consortium, The Nesta Investment Holdings MidCo, had proposed the buyout in July. It would be Asia’s biggest-ever private equity acquisition by value. Other members of the consortium include GLP co-founder and chief executive officer Ming Mei and Goldman Sachs’ former China chairman Fang Fenglei.
Under the plan, GLP will delist from the Singapore bourse early next year.
Singapore’s sovereign wealth fund, GIC, which is the single largest shareholder in GLP with a 36.8 per cent stake, voted in favour of the proposal.