AMB Property Corporation (AMB) and ProLogis (NYSE:PLD) said today they have agreed to merger via a merger of equals, which the companies say will create a pre-eminent global owner, operator and developer of industrial real estate with a combined market capitalization in excess of $24 billion.
The combined company will have $46 billion in owned and managed assets.
Each ProLogis share will be converted into 0.4464 newly issued shares of AMB, and the combined company will be an UPREIT.
The company will be called ProLogis, and will trade under the ProLogis ticker symbol “PLD.”
Hamid Moghadam, AMB's CEO, and Walter Rakowich, ProLogis' CEO, will serve as co-CEOs through December 31, 2012, at which time Rakowich will retire, and Moghadam will become sole CEO of the combined company. Moghadam also will be Chairman of the Board of the combined company.
The transaction is expected to be completed in the second quarter of 2011.
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