**Blackstone Joint Venture to Take Alexander & Baldwin Private in $2.3 Billion Deal**
Alexander & Baldwin, Inc., a Hawaiʻi-based real estate owner, operator, and developer, announced it has entered into a definitive merger agreement with a joint venture formed by MW Group, Blackstone Real Estate-affiliated funds, and DivcoWest. The joint venture will acquire all outstanding shares of A&B in an all-cash transaction with an enterprise value of approximately $2.3 billion, including debt. Upon completion of the transaction, A&B will become a privately held company.
A&B is recognized as the largest owner of grocery-anchored shopping centers in Hawai‘i. Its extensive commercial real estate portfolio includes approximately four million square feet of space, which spans 21 retail centers, 14 industrial properties, and four office buildings. The company also maintains fee interests in 146 acres of ground lease assets.
“For 155 years, A&B has grown alongside Hawaiʻi, shaped by the people, values, and communities that define these islands,” said Lance Parker, President and CEO of Alexander & Baldwin. “As a private company supported by the deep real estate expertise and experience of our new ownership group, A&B will have greater capacity to serve its tenants and communities.”
Advisors involved in the deal include:
– BofA Securities, serving as exclusive financial advisor to A&B.
– Legal counsel to A&B is being provided by Skadden, Arps, Slate, Meagher & Flom LLP and Cades Schutte LLP.
– Strategic communications support is being provided by Joele Frank, Wilkinson Brimmer Katcher.
– Wells Fargo and Eastdil Secured are acting as financial advisors to Blackstone.
– Legal counsel to Blackstone is being provided by Simpson Thacher & Bartlett LLP and Carlsmith Ball LLP.
– DivcoWest is receiving legal counsel from Gibson, Dunn & Crutcher LLP.
Pictured: Pearl Highlands Center in Pearl City, Hawaii, one of the retail properties owned by A&B.
