In Asia's biggest buyout, Singapore's GLP sold to Chinese group for $11.6 b

GLP shares, which were suspended, surged 22% to S$3.29 after trading resumed in Singapore

A Chinese consortium agreed to pay S$16 billion ($11.6 billion) for Global Logistic Properties, the warehouse operator backed by Singapore’s sovereign wealth fund, in Asia’s biggest buyout.

GLP accepted the takeover offer from a management-backed group that includes private equity firms Hillhouse Capital Management and Hopu Investment Management. The group, which also includes founder Ming Mei’s SMG, Bank of China Group Investment and a unit of China Vanke, offered S$3.38 a share, GLP said in a statement to Singapore’s stock exchange.

GLP shares, which were suspended, surged 22 per cent to S$3.29 after trading resumed in Singapore. The offer exceeds the shares’