ProLogis has agreed to buy rival real-estate investment trust Catellus Development Corp. for $3.6 billion in a cash and stock deal that will create the world’s largest network of warehouses and distribution services.
Shareholders of San Francisco-based Catellus will have the choice of receiving either $33.81 in cash or 0.822 of a ProLogis common share for each Catellus share they own. That’s a 16 percent premium to Catellus’ Friday closing price of $29.24. ProLogis will also assume $1.3 billion in Catellus debt and transaction costs as part of the deal.
