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Singapore Warehouse Giant Sells to Chinese Bidder for Record $11.6 Billion

  • GLP accepts S$3.38 per share offer from Hillhouse, Hopu group
  • Largest shareholder GIC agrees to vote in favour of offer
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Photographer: Sanjit Das/Bloomberg
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A Chinese consortium agreed to pay S$16 billion ($11.6 billion) for Global Logistic Properties Ltd., the warehouse operator backed by Singapore’s sovereign wealth fund, in Asia’s biggest buyout.

GLP accepted the takeover offer from a management-backed group that includes private equity firms Hillhouse Capital Management and Hopu Investment Management. The group, which also includes founder Ming Mei’s SMG, Bank of China Group Investment and a unit of China Vanke Co., offered S$3.38 a share, GLP said in a statement to Singapore’s stock exchange.