Blackstone, DivcoWest and MW Group Complete $2.3B Take-Private Real Estate Acquisition of Alexander & Baldwin

HONOLULU — A joint venture formed by an affiliate of MW Group and funds affiliated with Blackstone and DivcoWest has completed its acquisition of all outstanding common shares of Alexander & Baldwin (A&B), taking the Hawaii-based commercial real estate company private in an all-cash transaction with an enterprise value of approximately $2.3 billion, including outstanding debt, the companies announced March 12, 2026.

Real Estate Acquisition Details and Share Price

Pursuant to the terms of the merger agreement, holders of A&B common shares who held their shares through the effective time of the merger are entitled to receive $21.20 per share in cash, without interest and less any applicable withholding taxes. The per-share consideration was further reduced by A&B's fourth quarter 2025 dividend of $0.35 per share, which was paid on January 8, 2026, to shareholders of record as of December 19, 2025, resulting in a net payment at closing of $20.85 per share, less any applicable withholding taxes.

As a result of the transaction, A&B's common stock has ceased trading on the New York Stock Exchange. The deal was originally announced on December 8, 2025, and received shareholder approval at A&B's Special Meeting of Shareholders on March 9, 2026.

Alexander & Baldwin's Hawaii Retail and Commercial Portfolio

Alexander & Baldwin is the state of Hawaii's largest owner of neighborhood shopping centers, with a portfolio concentrated in grocery-anchored retail real estate. The company owns and manages approximately 4.0 million square feet of commercial space across Hawaii, comprising 21 retail centers, 14 industrial assets, four office properties, and 146 acres of ground lease holdings. Over its 156-year history, A&B has played a role in the development of Hawaii's agricultural, transportation, tourism, construction, residential, and commercial real estate industries.

About the Investor Group: MW Group, Blackstone Real Estate, and DivcoWest

MW Group, Ltd. is a privately held commercial real estate development company based in Honolulu, Hawaii. For more than three decades, the company has led the acquisition, development, and management of a diverse portfolio of commercial properties valued at over $1 billion, including retail, industrial, office, self-storage facilities, and senior assisted living communities.

Blackstone Real Estate, whose real estate business was founded in 1991, manages approximately $319 billion of investor capital and is described as the largest owner of commercial real estate globally, with assets spanning logistics, data centers, residential, office, and hospitality sectors.

DivcoWest, founded in 1993 by Stuart Shiff and headquartered in San Francisco, is a vertically integrated real estate investment firm and a DivCore Capital company, with offices in Cambridge, Beverly Hills, Menlo Park, Washington D.C., Austin, and New York City. Since inception, DivcoWest and its predecessor have acquired approximately 61 million square feet of commercial space, with a portfolio spanning office, R&D, lab, industrial, retail, and multifamily real estate.

Advisors to the Transaction

BofA Securities served as A&B's exclusive financial advisor on the transaction. Skadden, Arps, Slate, Meagher & Flom LLP and Cades Schutte LLP served as legal advisors to A&B. Simpson Thacher & Bartlett LLP and Carlsmith Ball LLP served as legal counsel to Blackstone. Gibson, Dunn & Crutcher LLP and McDermott Will & Schulte LLP served as legal counsel to DivcoWest and MW Group, with Schneider Tanaka Radovich Andrew & Tanaka LLLC serving as additional legal counsel to MW Group.

With the closing of the transaction, Alexander & Baldwin is now privately held through the joint venture formed by MW Group, Blackstone Real Estate, and DivcoWest.