Blackstone and Warburg Pincus are readying bids for Singaporean logistics firm Global Logistics Properties.
According to Bloomberg, the two US private equity firms are understood to be competing for the $8.6bn (£7bn) company, which has a significant presence in Asia, the US and Brazil.
Bids for the company have come after GLP announced a strategic review, led by JP Morgan, looking at opportunities to expand the business and improve shareholder value. The company told investors it was planning “selective entry” into new markets, which could include Europe and the UK.
The review was announced amid rumours of a prospective takeover of GLP by Chinese sovereign wealth fund China Investment Corporation at the end of last year, although no decisions had been announced.
Chinese private equity firm Hopu Investment Management is also understood to be in the running to buy GLP with a group of Chinese investors.
Meanwhile, Singaporean sovereign wealth fund GIC, which has a 37% stake in GLP, is in the running to buy Logicor, the European logistics platform Blackstone is looking to sell.
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