M&A · Financials · Real Estate Investment Trusts
Blackstone Real Estate and DivcoWest to acquire Alexander & Baldwin, Inc.
Announced Dec 9, 2025 · Closed Mar 13, 2026
Deal value$2.30BEV $2.30B
Premium40.0%To unaffected price
EV / Adj. EBITDA20.1x10.5x EV / Revenue
ConsiderationAll cash$21.20 per share
Transaction
- Acquirer
- Blackstone Real Estate and DivcoWest
- Target
- Alexander & Baldwin, Inc.
- Buyer type
- Private equity
- Offer price per share
- $21.20
- Enterprise value
- $2.30B
- Status
- Closed Mar 13, 2026
Deal protections
- Break fee (target pays)
- $50.5M · 2.2%
- Reverse fee (buyer pays)
- $155M · 6.8%
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- BofA Securities
- BofA Securities fee
- $18.1M
Sector context · Financials
- Comparable deals
- 63 in the prior 24 months
- Premium
- 40.0% vs. 37.0% sector median
- EV / Adj. EBITDA
- 20.1x vs. 13.1x sector median
- Break fee
- 2.2% vs. 3.7% sector median
Timeline
- AnnouncedDec 9, 2025
- Proxy filedJan 13, 2026
- Definitive proxyJan 23, 2026
- Shareholder voteMar 9, 2026
- ClosedMar 13, 2026
Valuation · fairness opinions
Trading comparables$15.37$23.43
Trading comparables$19.03$24.27
Trading comparables$16.11$24.89
Trading comparables$19.68$30.18
Discounted cash flow$16.04$22.05
Offer $21.20
Implied value per Alexander & Baldwin, Inc. share by analysis, from BofA Securities · DCF discount rate 8.1%–9.2%.