AMB, ProLogis Close Merger
By Natalie Dolce
SAN FRANCISCO-AMB Property Corp. and ProLogis have completed their merger, which GlobeSt.com first reported in January, forming a combined company flying under the bannerPrologis Inc. The common stock of the combined company will trade under the symbol PLD on the New York Stock Exchange.
According to Hamid Moghadam, chairman and co-CEO, “This merger brings together two great organizations to form an even stronger global industrial real estate company. We are excited to move forward with a clear strategy to pursue growth opportunities around the world with our high-quality portfolio of logistics properties, proven private capital business, financial strength and our talented team.”
As a result of the merger, each former ProLogis common share has been converted into the right to receive 0.4464 of a newly issued share of the combined company’s common stock. Each share of AMB common stock will remain as one share of the combined company’s common stock. Former ProLogis common equity holders hold approximately 60% of the combined company’s common stock, and former AMB common equity holders hold approximately 40%.
Read more of the Globe Street article here.