M&A · Financials · Real Estate Investment Trusts
Blackstone Inc. to acquire Retail Opportunity Investments Corp
Announced Nov 7, 2024 · Closed Feb 12, 2025
Deal value$4.00BEV $3.24B
Premium34.0%To unaffected price
EV / Adj. EBITDA12.5x9.6x EV / Revenue
ConsiderationAll cash$17.50 per share
Transaction
- Acquirer
- Blackstone Inc. (BX)
- Target
- Retail Opportunity Investments Corp (ROIC)
- Buyer type
- Private equity
- Offer price per share
- $17.50
- Enterprise value
- $3.24B
- Status
- Closed Feb 12, 2025
Deal protections
- Break fee (target pays)
- $78.0M · 1.9%
- Reverse fee (buyer pays)
- $239M · 6.0%
- Go-shop
- No-shop
- Financing
- Committed · Morgan Stanley, BofA Securities, Citigroup, Wells Fargo
Advisors
- To the acquirer
- BofA Securities, Morgan Stanley, Eastdil Secured
- To the target
- JPMorgan
Sector context · Financials
- Comparable deals
- 60 in the prior 24 months
- Premium
- 34.0% vs. 33.5% sector median
- EV / Adj. EBITDA
- 12.5x vs. 14.9x sector median
- Break fee
- 1.9% vs. 3.4% sector median
Timeline
- AnnouncedNov 7, 2024
- Proxy filedDec 23, 2024
- Definitive proxyJan 6, 2025
- Shareholder voteFeb 7, 2025
- ClosedFeb 12, 2025
Valuation · fairness opinions
Trading comparables$13.00$18.00
Trading comparables$14.25$20.25
Precedent transactions$14.75$17.00
Discounted cash flow$13.75$18.00
Offer $17.50
Implied value per Retail Opportunity Investments Corp share by analysis, from JPMorgan · DCF discount rate 7.5%–8%.