MW Group, Blackstone, and DivcoWest Acquire Alexander & Baldwin in $2.3B Hawai‘i Retail Real Estate Take-Private Deal

HONOLULU — Alexander & Baldwin, Inc. (NYSE: ALEX) announced it will be taken private in a $2.3 billion all-cash acquisition by a joint venture of MW Group, Blackstone Real Estate, and DivcoWest. The transaction, disclosed Dec. 8, 2025, values the company at $21.20 per share, representing a 40% premium to its closing price that day.

Transaction Details and Portfolio Overview

The deal, which includes outstanding debt, will result in Alexander & Baldwin (A&B) becoming a private company. A&B is Hawai‘i’s largest owner of grocery-anchored shopping centers and holds approximately 4 million square feet of commercial space. Its portfolio includes 21 retail centers, 14 industrial properties, and four office buildings, along with fee interests in 146 acres of ground lease assets.

BofA Securities, Wells Fargo, and Eastdil Secured served as capital markets brokers for the transaction, according to the announcement.

Leadership and Strategic Vision

“For 155 years, A&B has grown alongside Hawai‘i, shaped by the people, values and communities that define these islands,” said Lance Parker, president and chief executive officer of A&B. “As a private company supported by the deep real estate expertise and experience of our new ownership group, A&B will have greater capacity to serve its tenants and communities.”

Eric Yeaman, chairman of A&B’s board, said the agreement “delivers significant, immediate and certain value to our shareholders while strengthening A&B’s ability to serve the diverse needs of communities across Hawai‘i.”

Stephen Metter, chief executive officer of MW Group, said his firm looks forward to supporting A&B’s legacy and continuing its community contributions.

Investor Group Overview

MW Group is a Hawai‘i-based company founded over 35 years ago. Blackstone Real Estate is one of the world’s largest commercial real estate investors and has a history of ownership in Hawai‘i, including hospitality properties such as the Grand Wailea resort. DivcoWest adds additional institutional real estate expertise to the partnership.

Outlook

Upon completion, the take-private deal will make A&B a privately held company focused on its commercial real estate portfolio across Hawai‘i. Further transaction terms beyond those disclosed remain undisclosed.

Source: Blackstone Press Release