GIC-backed GLP privatisation comes into effect, to delist from SGX on Jan 22

Photo: GLP website

Singapore wealth fund GIC-backed warehouse operator Global Logistic Properties (GLP) will delist from the Singapore stock exchange on January 22 following the privatisation deal by Nesta Investment Holdings, the vehicle owned by Hopu, Hillhouse Capital, SMG, Bank of China Group Investment and Vanke.

The $11.6-billion buyout and privatisation, considered to be the largest ever private equity acquisition of an Asian company, is taking place via a scheme of arrangement.

The scheme became binding after a copy of the Court Order was lodged with the Accounting and Corporate Regulatory Authority of Singapore on January 10, an announcement said on Wednesday.

According to the announcement, shareholders may expect to receive their payment of S$3.38 in cash per share by January 19.

The bidding had started earlier this year for GLP, a global provider of modern logistics facilities, with assets under management of approximately $39 billion.

While GIC, the single largest shareholder of GLP with a 36.84 per cent stake, had voted in favour of the scheme, in November, the scheme of arrangement for the privatisation had received a nod from its shareholders too, 96.02 per cent of whom voted for the scheme.

Also Read:

GIC-backed GLP’s privatisation gets green light from shareholders

GLP shares tumble after report of bidders pulling out, firm clarifies on bidding process

Singapore: GIC acts on bidders’ complaints linked to GLP sale

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.