M&A · Financials · Real Estate Investment Trusts
Blackstone Inc. to acquire Apartment Income REIT Corp.
Announced Apr 9, 2024 · Closed Jun 28, 2024
Deal value$10.00BEV $8.79B
Premium25.0%To unaffected price
EV / Adj. EBITDA—10.7x EV / Revenue
ConsiderationAll cash$39.12 per share
Transaction
- Acquirer
- Blackstone Inc. (BX)
- Target
- Apartment Income REIT Corp.
- Buyer type
- Private equity
- Offer price per share
- $39.12
- Enterprise value
- $8.79B
- Status
- Closed Jun 28, 2024
Deal protections
- Break fee (target pays)
- $183M · 1.8%
- Reverse fee (buyer pays)
- $550M · 5.5%
- Go-shop
- No-shop
- Financing
- Committed · Wells Fargo, Goldman Sachs, JPMorgan, Barclays, BofA Securities, Morgan Stanley +2
Advisors
- To the acquirer
- BofA Securities, Barclays, Goldman Sachs, Wells Fargo
- To the target
- Citigroup
- Citigroup fee
- $40.0M
Sector context · Financials
- Comparable deals
- 54 in the prior 24 months
- Premium
- 25.0% vs. 34.0% sector median
- EV / Adj. EBITDA
- Sector median 16.9x
- Break fee
- 1.8% vs. 3.0% sector median
Timeline
- AnnouncedApr 9, 2024
- Proxy filedMay 10, 2024
- Definitive proxyMay 21, 2024
- Shareholder voteJun 25, 2024
- ClosedJun 28, 2024
Valuation · fairness opinions
Discounted cash flow$36.66$43.02
Trading comparables$32.52$40.51
Trading comparables$32.69$40.47
Precedent transactions$38.52$39.86
Precedent transactions$33.83$53.48
Offer $39.12
Implied value per Apartment Income REIT Corp. share by analysis, from Citigroup · DCF discount rate 10.1%–11%.