Vanke-led consortium in management buyout of GLP
July 17, 2017 Category Mergers & Acquisitions, Weekly
A consortium led by China Vanke Co, Goldman Sachs’ former China Chairman, and Chinese fund Hillhouse Capital has won a management buyout to take over Global Logistics Properties (GLP), the largest operator of warehouses in China, in Asia’s biggest-ever private equity acquisition by value. The Nesta Investment Holdings MidCo consortium will offer USD11.6 billion for control of Singapore-listed GLP, aiming to delist the company from the city’s bourse and take it private. Vanke is the Nesta consortium’s largest shareholder, while the remaining members represent a balance of interests between GLP insiders, including Chief Executive Ming Mei, GLP Director and Goldman’s former China Chairman Fang Fenglei, and existing GLP shareholder Hillhouse. Bank of China Group Investment owns the remaining 15%. The buyout has the support of GLP’s largest existing shareholder GIC, Singapore’s sovereign wealth fund, owning 36.8% of the warehouse operator. “By being a major shareholder of GLP, Vanke expects to see significant synergy between the two companies,” Chairman Yu Liang said in a statement. The deal will help Vanke to “improve its strategic layout in the logistics property sector as well as enhance its influence in the area,” he said. Nesta beat out a rival group led by Warburg Pincus, the South China Morning Post reports.
- KURT VANDEPUTTE (UMICORE) APPOINTED CHAIRMAN OF THE BOARD OF THE FLANDERS-CHINA CHAMBER OF COMMERCE (FCCC)
- Webinar: “Knowing Your Chinese Partner” – May 26, 2021, 10 am – 12 am
- EMA starts rolling review of CoronaVac, WHO approves Sinopharm vaccine for emergency use
- The Global Times warns not to politicize the Comprehensive Agreement on Investment (CAI)
- Hainan to become biggest duty-free market in the world