Alexander & Baldwin has entered into a $2.3 billion merger agreement to become a private company, providing shareholders with a 40% cash premium per share.

Target Information

Alexander & Baldwin, Inc. (NYSE: ALEX), headquartered in Hawai‘i, is a prominent owner, operator, and developer of exceptional commercial real estate within the state. The Company boasts a diverse portfolio, encompassing approximately 4.0 million square feet of commercial space, which includes 21 grocery-anchored shopping centers, 14 industrial properties, and four office buildings. Additionally, A&B holds fee interests in 146 acres of ground lease assets. With a storied history spanning 155 years, A&B has continually evolved in alignment with Hawai‘i’s economic landscape and has played a pivotal role in the growth of various sectors such as agriculture, tourism, construction, and commercial real estate.

The company has announced it will transition into a privately held entity following its merger with a joint venture comprising MW Group, Blackstone Real Estate funds, and DivcoWest. This all-cash transaction amounts to approximately $2.3 billion and offers shareholders $21.20 per share, reflecting a substantial 40% premium over its closing price on December 8, 2025, the day prior to the announcement.

Industry Overview in Hawai‘i

The commercial real estate sector in Hawai‘i is a vital component of the state's economy, characterized by a robust demand for high-quality retail, industrial, and office spaces. Notably, the market is heavily influenced by the