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Argan and WDP plan €13B pan-European industrial REIT merger
The all-stock deal values Argan at €79.22 per share and targets €10M in synergies within 12 months.
Argan, a French industrial landlord, and Belgian logistics firm Warehouses De Pauw (WDP) have announced an all-stock merger to create a pan-European industrial logistics platform valued at €13B, or about $14.8B, according to Bisnow.
The combination would build an eight-country footprint, with Argan bringing roughly 3.9M square feet across 110 warehouses in France and WDP adding about 8M square feet.
Both companies said their boards have approved the transaction, which remains subject to regulatory and shareholder approval. Argan shareholders will receive three WDP shares for each Argan share they hold, valuing Argan at €79.22 per share, while the companies expect €10M in synergies within 12 months.
Argan and WDP also cited plans to optimize debt and improve operating efficiencies. Bisnow added that the deal is expected to close in early next year.