GLP chooses CEO-led China bidder for buyout: sources

Singapore

GLOBAL Logistic Properties Ltd, the Singapore warehouse operator pursuing a sale, has picked a Chinese bidder consortium for final talks on a deal valuing the company at about US$10 billion, people with knowledge of the matter said.

The investor group, fronted by GLP chief executive officer Ming Mei, edged out a rival consortium led by Warburg Pincus, according to the people. The Chinese consortium, which includes private equity firms Hillhouse Capital Management and Hopu Investment Management, is planning to offer around S$3 per share for GLP and will now negotiate definitive terms for the transaction, the people said, asking not to be identified because the information is private.