M&A · Financials · Real Estate Investment Trusts
Blackstone Real Estate Income Trust, Inc to acquire American Campus Communities Inc
Announced Apr 19, 2022 · Closed Aug 9, 2022
Deal value$12.80BEV $12.50B
Premium30.0%To unaffected price
EV / Adj. EBITDA27.7x13.3x EV / Revenue
ConsiderationAll cash$65.47 per share
Transaction
- Acquirer
- Blackstone Real Estate Income Trust, Inc
- Target
- American Campus Communities Inc
- Buyer type
- Private equity
- Offer price per share
- $65.47
- Enterprise value
- $12.50B
- Status
- Closed Aug 9, 2022
Deal protections
- Break fee (target pays)
- $278M · 2.2%
- Reverse fee (buyer pays)
- $832M · 6.5%
- Go-shop
- No-shop
- Financing
- Committed · Wells Fargo, JPMorgan, Citigroup, Goldman Sachs, Morgan Stanley
Advisors
- To the acquirer
- Wells Fargo, JPMorgan
- To the target
- BofA Securities, KeyBanc Capital Markets
- BofA Securities fee
- $56.3M
Sector context · Financials
- Comparable deals
- 76 in the prior 24 months
- Premium
- 30.0% vs. 35.7% sector median
- EV / Adj. EBITDA
- 27.7x vs. 21.6x sector median
- Break fee
- 2.2% vs. 3.6% sector median
Timeline
- AnnouncedApr 19, 2022
- Proxy filedMay 10, 2022
- Definitive proxyJun 16, 2022
- Shareholder voteAug 4, 2022
- ClosedAug 9, 2022
Valuation · fairness opinions
Trading comparables$46.25$59.75
Trading comparables$47.25$62.25
Other analysis$44.50$58.00
Discounted cash flow$40.00$60.00
52-week trading range$43.29$58.66
Offer $65.47
Implied value per American Campus Communities Inc share by analysis, from BofA Securities.