M&A · Financials · Real Estate Investment Trusts
Prologis, Inc. to acquire Duke Realty Corp
Announced Jun 13, 2022 · Closed Oct 3, 2022
Deal value$26.00BEV $25.05B
Premium—To unaffected price
EV / Adj. EBITDA33.8x22.9x EV / Revenue
ConsiderationAll stock$55.69 per share
Transaction
- Acquirer
- Prologis, Inc. (PLD)
- Target
- Duke Realty Corp (DRE)
- Buyer type
- Strategic
- Offer price per share
- $55.69
- Enterprise value
- $25.05B
- Status
- Closed Oct 3, 2022
Deal protections
- Break fee (target pays)
- $775M · 3.0%
- Reverse fee (buyer pays)
- $1.50B · 5.8%
- Go-shop
- No-shop
- Financing
- —
Advisors
- To the acquirer
- Goldman Sachs, Citigroup
- To the target
- Morgan Stanley, JPMorgan
- Goldman Sachs fee
- $40.0M
- Morgan Stanley fee
- $96.0M
Sector context · Financials
- Comparable deals
- 80 in the prior 24 months
- Premium
- Sector median 33.9%
- EV / Adj. EBITDA
- 33.8x vs. 21.7x sector median
- Break fee
- 3.0% vs. 3.6% sector median
Timeline
- AnnouncedJun 13, 2022
- Proxy filedAug 2, 2022
- Definitive proxyAug 2, 2022
- Shareholder voteSep 28, 2022
- ClosedOct 3, 2022
Valuation · fairness opinions
Discounted cash flowGoldman Sachs$55.35$67.92
Discounted cash flowGoldman Sachs$66.00$80.11
Discounted cash flowGoldman Sachs$61.55$75.57
Discounted cash flowGoldman Sachs$72.86$88.59
Future share priceGoldman Sachs$49.91$67.38
Discounted cash flowMorgan Stanley$56.65$65.25
Discounted cash flowMorgan Stanley$139.17$159.99
Premiums paidMorgan Stanley$53.58$58.97
Offer $55.69
Implied value per Duke Realty Corp share by analysis, from Goldman Sachs and Morgan Stanley · DCF discount rate 7%–8%.