M&A · Financials · Real Estate Investment Trusts
Ares Management Corp to acquire Whitestone REIT
Announced Apr 9, 2026 · Closed Jul 14, 2026
Deal value$1.70BEV $1.62B
Premium26.5%To unaffected price
EV / Adj. EBITDA12.9x10.1x EV / Revenue
ConsiderationAll cash$19.00 per share
Transaction
- Acquirer
- Ares Management Corp (ARES)
- Target
- Whitestone REIT (WSR)
- Buyer type
- Private equity
- Offer price per share
- $19.00
- Enterprise value
- $1.62B
- Status
- Closed Jul 14, 2026
Deal protections
- Break fee (target pays)
- $36.0M · 2.1%
- Reverse fee (buyer pays)
- $77.0M · 4.5%
- Go-shop
- No-shop
- Financing
- Committed · Citigroup
Advisors
- To the acquirer
- Citigroup, Morgan Stanley
- To the target
- BofA Securities
- BofA Securities fee
- $17.5M
Sector context · Financials
- Comparable deals
- 74 in the prior 24 months
- Premium
- 26.5% vs. 37.0% sector median
- EV / Adj. EBITDA
- 12.9x vs. 13.7x sector median
- Break fee
- 2.1% vs. 3.7% sector median
Timeline
- AnnouncedApr 9, 2026
- Proxy filedMay 8, 2026
- Definitive proxyMay 19, 2026
- Shareholder voteJul 9, 2026
- ClosedJul 14, 2026
Valuation · fairness opinions
Trading comparables$14.08$19.24
Trading comparables$14.57$18.10
Trading comparables$13.03$21.00
Trading comparables$13.04$20.82
Discounted cash flow$13.60$18.33
Offer $19.00
Implied value per Whitestone REIT share by analysis, from BofA Securities · DCF discount rate 7.3%–8.1%.