two (NYSE: TWOA) and LatAm Logistic Properties S.A. today announced a a definitive business combination agreement at an enterprise value of $578 million. The target is a developer, owner, and manager of institutional quality, class A industrial and logistics real estate in Central and South America,
If approved, shares of the combined company are expected to list on the NYSE under new ticker symbol LLP. The deal is expected to close in the fourth quarter.
The deal has a pre-money equity value of $286 million, with a minimum of $25 million in net cash proceeds from the merger, which assumes 70% redemptions by TWOA’s public shareholders.
LLP is one of the few vertically integrated logistics real estate platforms operating across Central and South America. LLP’s portfolio consists of approximately 4.8 million square feet of operating gross leasable area (“GLA”) across a network of 28 facilities in Costa Rica, Colombia, and Peru, primarily located in high-growth consumption centers with high barriers to entry. LLP’s properties are designed and developed to offer greater accessibility, security, and maximum optionality, which provides cost efficiencies for its multi-national and regional customers.
BTG Pactual is acting as exclusive M&A advisor to LLP. Cohen & Company Capital Markets is exclusive financial advisor and lead capital markets advisor to TWOA. Baker & McKenzie is U.S. counsel to LLP. Ellenoff Grossman & Schole is U.S. counsel to TWOA. Gateway Group is acting as investor relations advisors to both TWOA and LLP. Dukas Linden Public Relations is acting as public relations advisors to both TWOA and LLP. Read more.
