Prologis has submitted a best and final proposal to acquire British warehouse owner Segro for approximately £14 billion, or $18.8 billion.
Segro’s Board of Directors unanimously determined that the financial terms were sufficient for it to recommend the transaction to shareholders if Prologis makes a formal offer. The indication of support follows several earlier proposals that Segro rejected as undervaluing the company.
The latest proposal would provide Segro shareholders with 0.0920 Prologis shares for each Segro share. It also includes a partial cash alternative of up to £3.5 billion.
Based on Prologis’ share price and prevailing exchange rates when the proposal was announced, the offer valued Segro at approximately £10.32 per share. This represented a 45% premium to Segro’s closing share price immediately before Prologis’ interest became public on June 24, 2026.
Prologis also committed to obtaining a secondary listing for its shares on the London Stock Exchange if the acquisition proceeds. This would allow Segro’s British investors to continue holding securities traded in London.
The companies received an extension under United Kingdom takeover rules, giving Prologis until August 12, 2026, to make a formal offer or withdraw. The proposal remains preliminary, and there is no assurance that a binding agreement will be completed.
Prologis had previously approached Segro in March 2024 and made several subsequent proposals. Segro maintained that the earlier offers did not reflect the quality and growth potential of its logistics properties and development pipeline.
Shareholders including APG Asset Management, Norges Bank and CCLA Investment Management had encouraged the companies to resume discussions. Some of those investors hold stakes in both Segro and Prologis.
Segro owns approximately 10.9 million square meters of logistics and warehouse space across Europe. The company is also developing data center projects intended to benefit from growing infrastructure demand associated with artificial intelligence.
Prologis operates logistics real estate used by companies including Amazon, FedEx and UPS. Acquiring Segro would significantly increase its European warehouse portfolio and expand its access to logistics and data center development opportunities.
If completed, the transaction would rank among the largest foreign takeovers of a company listed in the United Kingdom. The final outcome will depend on a formal offer, agreement on definitive terms and the satisfaction of applicable shareholder and regulatory requirements.
