The proposed combination would see SEGRO shareholders receive 0.084 Prologis shares for each share held, valuing the UK firm at 925 pence per share. This represents a 24.6% premium over SEGRO’s closing price on June 23, the last trading day before the announcement. Should the deal proceed, current SEGRO investors would control roughly 10.5% of the combined entity, which would stand as the world’s largest logistics real estate investment trust with a market capitalization of $140.9 billion.

Prologis argues that the merger addresses structural constraints currently limiting SEGRO’s growth, specifically citing the British company’s persistent trading discount to its net asset value and a heavier debt burden compared to the US giant’s balance sheet. By integrating SEGRO’s development and data center pipeline into its global platform, Prologis claims it can accelerate value realization that would remain inaccessible to SEGRO on a standalone basis. Under UK takeover regulations, Prologis has until July 22, 2026, to either table a binding offer or withdraw from the pursuit.