French warehouse specialist Argan and Belgian peer WDP agreed to create a 13 billion euros ($14.8 billion) logistics real estate company through an all‑share merger, with completion expected in the first quarter of 2027. The deal marks the latest step toward consolidation in the European logistics sector.

Under the terms, Argan shareholders will receive three newly issued WDP shares for each Argan share held. Argan also intends to propose an exceptional preclosing distribution of 11 euros a share. Based on WDP’s closing share price of 22.74 euros on Thursday, and including the exceptional distribution, the offer values Argan at 79.22 euros a share.

The offer represents a premium of around 21% to Argan’s closing share price of 65.40 euros on Thursday, and around 30% to its three‑month volume‑weighted average share price. In early European trading, Argan shares rose 14% to 74.70 euros, while WDP shares fell 1.1% to 22.50 euros. Year‑to‑date, Argan is up 13% and WDP up 1.8%.