The board of Segro, a UK-based real estate and data center park operator, yesterday formally agreed to sell the company to American logistics firm Prologis.

Prologis has been eyeing Segro ever since late June, submitting four offers before finally securing the support of Segro’s board on July 22. The final offer valued the company at £14 billion ($18.8bn), a 12 percent premium on the initial offer of £12.6bn ($16.9bn).

The deal was finalized yesterday (August 4) and is expected to close in the first half of next year.

Current Segro shareholders are entitled to receive 0.0920 shares in Prologis for each Segro share, or a partial cash alternative equal to a quarter of the fixed price of 1,031.7 pence per Segro share.

Prologis also said that it had given “contractual commitments” to Segro to establish a secondary listing on the London Stock Exchange, as mentioned in the July 22 statement.

Prologis is a major US real estate firm, traditionally focused on industrial warehouses and logistics facilities. The company has been developing more data centers as of late, and the company says it has some 5.6GW of power committed by utilities or in advanced stages of negotiations and is targeting up to 10GW of capacity over the next ten years.

Segro is also traditionally known for its industrial warehouse developments, but has been providing powered shells to data center customers for around 20 years, mostly centered around Slough to the west of London. The firm is expanding its focus and is targeting ~3GW of data center developments across major markets in Europe in the coming years.