Prologis buying Duke Realty in $26 billion all-stock deal

(AP) — Real estate investment trust Prologis is buying Duke Realty in an all-stock deal valued at about $26 billion.

Duke Realty shareholders will receive 0.475 of a Prologis share for each Duke Realty share they own.

The transaction includes the assumption of debt.

Both companies’ boards have approved the deal, which is expected to close in the fourth quarter. It still needs approval from both companies’ shareholders.

The transaction comes about a month after San Francisco-based Prologis made an unsolicited bid for Duke Realty of Indianapolis worth 0.466 of a Prologis share following months of talks.