Prologis Inc. (PLD): Announced attempted acquisition of SEGRO

Research evidence excerpt

Prologis Inc. (PLD): Announced attempted acquisition of SEGRO

Equity Research

24 June 2026 | 3:56PM EDT

Transaction details: On June 24, 2026 PLD announced that on June 16 PLD had Caitlin Burrows

+1(212)902-4736 |

sent a letter to the Board of SEGRO setting out terms of a proposal, under which PLD caitlin.burrows@gs.com

Goldman Sachs & Co. LLC

would acquire SEGRO in an all-stock combination (exchange ratio of 0.084 PLD

Jeremy Kuhl

shares for each SEGRO share). On June 23, 2026, the Board of SEGRO rejected the +1(212)357-1704 | jeremy.kuhl@gs.com

proposal. As mentioned in the PLD press release, if the deal were to close as Goldman Sachs & Co. LLC

Shailee Lnuoriginally stated, SEGRO shareholders would hold approximately 10.5% of PLD’s +1(332)245-7913 |

issued share capital. PLD’s offer, based on a PLD share price of $145.3 and a shailee.x.lnu@gs.comGoldman Sachs India SPL

GBP:USD exchange rate of 1.32 (at market close on June 23, 2026), implies a value of Harrison Slater, CFA

925 pence for each SEGRO share and values SEGRO at approximately £12.6bn, +1(212)902-7428 | harrison.slater@gs.com

representing a 24.6% premium to SEGRO’s share price of 742 pence (on June 23, Goldman Sachs & Co. LLC

2026) and 31.4% premium to the 3-month volume weighted average SEGRO share

price of 704 pence (as of June 23, 2026).

Strategic rationale: In line with historical acquisitions PLD has completed, PLD

believes 1) its scale and expertise would allow it to better operate the assets,

realizing revenue and expense synergies, and 2) its lower leverage will allow better

financing capacity to develop non income producing assets (which would include

industrial properties and potential data center assets).

We note that PLD has completed large M&A deals in the past driving FFO accretion