AMB/ProLogis deal sealed

The deal between AMB Property Corporation and ProLogis is done. The company will trade under the name Prologis under which former ProLogis common equity holder will have about 60 percent of the combined stock of the two companies.

In the press release, the companies write:

The transaction will create synergies and be immediately accretive, with the full expected annual gross savings of approximately $80 million in G&A to be realized by the end of 2012. The company anticipates it will have an improved cost of capital with greater financial flexibility and that its expanded footprint will generate increased revenue opportunities by allowing it to better serve the needs of its customers.

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