Alexander & Baldwin to Go Private in a $2.3 Billion Cash Deal
Shareholders to receive $21.20 per share, a 40% premium to the stock’s close on December 8, 2025
HONOLULU – Alexander & Baldwin, Inc. (NYSE: ALEX) (the “Company” or “A&B”), a Hawai‘i-based owner, operator, and developer of premier commercial real estate across Hawai‘i, announced today that it has entered into a definitive merger agreement. A joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest (together, the “Investor Group”) will acquire all outstanding A&B common shares for $21.20 per share in an all-cash transaction with an enterprise value near $2.3 billion, including existing debt. As a result, A&B will become a private company.
A&B stands as Hawai‘i’s leading owner of high-quality grocery-anchored shopping centers. The company’s portfolio spans roughly 4.0 million square feet of commercial space, comprising 21 retail centers, 14 industrial properties, four office properties, and fee interests in 146 acres of ground leases.
“For 155 years, A&B has grown with Hawai‘i, shaped by its people, values, and communities,” said Lance Parker, A&B’s President and CEO. “This step marks a pivotal move toward our long-term vision as stewards of Hawai‘i’s best commercial real estate. Supported by the deep real estate expertise of the new ownership group, A&B will gain greater capacity to serve tenants and communities. In this next chapter, the focus remains on real estate that supports residents’ daily lives, with careful property stewardship and continued partnership with Hawai‘i.”
Eric Yeaman, Chair of the A&B Board, added, “We’re pleased to reach an agreement that delivers significant, immediate value to shareholders while strengthening A&B’s ability to meet Hawai‘i’s diverse community needs. The Board is confident this is in the best interests of all stakeholders, delivering a meaningful cash premium and long-term benefits for employees, tenants, and communities.”
Stephen Metter, CEO of MW Group, said, “As a Hawai‘i-grown company with over 35 years of history, we’ve witnessed the lasting contributions Alexander & Baldwin has made across generations. We look forward to supporting the Company’s legacy and expanding our collective impact on the communities we serve.”
Blackstone Real Estate highlighted its long-standing commitment to Hawai‘i, noting iconic properties in the state and its focus on responsible ownership and shared growth. David Levine, Co-Head of Americas Acquisitions for Blackstone Real Estate, stated, “This agreement deepens our commitment to Hawai‘i and supports local businesses. Our approach prioritizes responsible operations and creating new opportunities for community members, including more than 9,000 jobs tied to our Hawai‘i investments. We respect the A&B management team’s work and anticipate productive collaboration moving forward.”
Caleb Cragle, Head of Strategic Investments at DivcoWest, commented, “Alexander & Baldwin has built an outstanding portfolio, and the team looks forward to continuing the company’s success with our partners.”
Preserving A&B’s Hawai‘i-Centered Mission
The Investor Group has outlined guiding principles to advance A&B’s vision of building a stronger Hawai‘i, both today and in the future:
- Maintain A&B’s local focus, with the company keeping its name, brand, and Honolulu headquarters after the closing.
- Preserve local leadership, continuing to be led by a Hawai‘i-based team and reinforcing community ties that have driven long-term success.
- Invest in the portfolio, with planned upgrades and maintenance to uphold high quality for tenants and communities, including more than $100 million of investments across the portfolio to enhance properties and their essential community roles.
Transaction Details
Under the merger terms, A&B shareholders will receive $21.20 in cash for each common share owned, representing a 40.0% premium to A&B’s closing price on December 8, 2025—the last full trading day before the announcement. The deal has been unanimously approved by A&B’s Board and is expected to close in the first quarter of 2026, subject to customary closing conditions, including shareholder approval. Upon closing, A&B’s common stock will be delisted from the NYSE.
Additionally, A&B announced a fourth-quarter 2025 dividend of $0.35 per share. The dividend will be payable on January 8, 2026, to shareholders of record as of December 19, 2025. The per-share merger consideration will be reduced by the amount of this dividend at closing.
Advisors and Counsel
- A&B’s exclusive financial advisor: BofA Securities; legal advisors: Skadden, Arps, Slate, Meagher & Flom LLP and Cades Schutte LLP; strategic communications advisor: Joele Frank, Wilkinson Brimmer Katcher.
- Blackstone’s financial advisors: Wells Fargo and Eastdil Secured; legal counsel: Simpson Thacher & Bartlett LLP and Carlsmith Ball LLP.
- DivcoWest’s legal counsel: Gibson, Dunn & Crutcher LLP.
About Alexander & Baldwin
Alexander & Baldwin, Inc. (NYSE: ALEX) is the only publicly traded REIT focused exclusively on Hawai‘i commercial real estate and the state’s largest owner of grocery-anchored neighborhood centers. A&B owns and manages roughly 4.0 million square feet of space in Hawai‘i, including 21 retail centers, 14 industrial assets, four office properties, and 146 acres of ground leases. With a 155-year history, A&B has helped shape Hawai‘i’s agricultural, transportation, tourism, construction, residential, and commercial real estate landscapes. More at www.alexanderbaldwin.com.
About MW Group
MW Group, Ltd. is a privately held commercial real estate developer based in Honolulu, Hawai‘i. For over 30 years, it has led acquiring, developing, and managing a diverse portfolio valued at more than $1 billion, including retail, industrial, office, self-storage, and senior living communities. The company emphasizes long-term stewardship and community-building. Learn more at www.mwgroup.com.
About Blackstone Real Estate
Blackstone is a global real estate leader with approximately $320 billion of investor capital under management. The firm owns and operates assets across all major geographies and sectors, including logistics, data centers, residential, office, and hospitality. Blackstone’s real estate activities span opportunistic investments, Core+ strategies for stabilized assets, and a robust real estate debt business, including Blackstone Mortgage Trust (NYSE: BXMT).
About DivcoWest
DivcoWest, founded in 1993 and part of DivCore Capital, is a vertically integrated real estate investment company with offices nationwide. It specializes in office, life sciences, retail, and multifamily spaces and has developed and managed roughly 61 million square feet of property since inception.
Contacts
A&B Investor Relations: Clayton Chun, (808) 525-8475, [email address redacted]
Media: Tran Chinery, [email address redacted]
MW Group: Dylan Beesley, Bennet Group Strategic Communications, [email address redacted]
Blackstone: Jeffrey Kauth, [email address redacted]; Dylan Beesley, Bennet Group Strategic Communications, [email address redacted]
DivcoWest: Andrew Neilly, A2N2 Public Relations, 925-915-0759, [email address redacted]; Nancy Amaral, A2N2 Public Relations, 925-915-0673, [email address redacted]
Important Information and Where to Find It
A&B will file a proxy statement on Schedule 14A with the SEC regarding the transaction and may file additional materials. Investors and shareholders should read the proxy statement and related documents carefully when they become available because they contain important information. Free copies of these documents will be available on the SEC’s website (www.sec.gov) or the company’s investor site, and by written request to the company at 822 Bishop Street, Honolulu, HI 96813.
Participants in the Solicitation
A&B and certain directors and officers may be considered participants in the solicitation of proxies. Details about their ownership and interests will be disclosed in the proxy statement and related materials filed with the SEC.
Forward-Looking Statements
This release contains forward-looking statements subject to risks and uncertainties that could cause actual results to differ materially. These risks include whether the merger will close on the anticipated terms or at all, potential litigation, disruptions to operations, retention of key personnel, changes to business relationships, and other factors described in the company’s Form 10-K and filings with the SEC. The company undertakes no obligation to update forward-looking statements except as required by law.
