Warehouse center owners AMB, ProLogis to merge

Monday, January 31st, 2011 | Finance News

NEW YORK (Reuters) – Warehouse and distribution center owner AMB Property Corp and rival ProLogis said they would merge, one of the biggest real estate deals since the financial crisis.

The combined company would have a stock market value of about $14 billion, AMB and ProLogis said in a statement on Monday.

Under the terms of the all-stock deal, each ProLogis common share will be converted into 0.4464 of a newly issued AMB common share, the companies said. The deal is expected to close in the second quarter, and the new company is to be named ProLogis.

(Reporting by Martha Graybow; Editing by Derek Caney)

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