(July 14): A Chinese consortium agreed to pay $16 billion for Global Logistic Properties Ltd., 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 Co., offered $3.38 a share, GLP said in a statement to Singapore’s stock exchange.

GLP shares, which were suspended, surged 22% to $3.30 after trading resumed in Singapore. The offer exceeds the shares’ highest closing price since listing and represents a 64% premium to the price before Singaporean sovereign wealth fund GIC Pte., GLP’s largest shareholder, initiated a strategic review of the company in December.

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