M&A · Financials · Real Estate Investment Trusts
Blackstone Inc. to acquire PS Business Parks, Inc.
Announced Apr 25, 2022 · Closed Jul 20, 2022
Deal value$7.60BEV $5.15B
Premium12.0%To unaffected price
EV / Adj. EBITDA—11.7x EV / Revenue
ConsiderationAll cash$187.50 per share
Transaction
- Acquirer
- Blackstone Inc. (BX)
- Target
- PS Business Parks, Inc.
- Buyer type
- Private equity
- Offer price per share
- $187.50
- Enterprise value
- $5.15B
- Status
- Closed Jul 20, 2022
Deal protections
- Break fee (target pays)
- $220M · 2.9%
- Reverse fee (buyer pays)
- $735M · 9.7%
- Go-shop
- No-shop
- Financing
- Committed · Citigroup, BofA Securities, Barclays, Morgan Stanley, Société Générale
Advisors
- To the acquirer
- Not disclosed
- To the target
- JPMorgan, Eastdil Secured
Sector context · Financials
- Comparable deals
- 77 in the prior 24 months
- Premium
- 12.0% vs. 33.9% sector median
- EV / Adj. EBITDA
- Sector median 21.7x
- Break fee
- 2.9% vs. 3.6% sector median
Timeline
- AnnouncedApr 25, 2022
- Proxy filedMay 19, 2022
- Definitive proxyJun 8, 2022
- Shareholder voteJul 15, 2022
- ClosedJul 20, 2022