Alexander & Baldwin Inc. (A&B), a major Hawaiʻi-based owner and operator of commercial real estate, today announced its definitive agreement to be acquired by an investor group. The consortium, which includes a joint venture formed by MW Group, funds affiliated with Blackstone Real Estate, and DivcoWest, is set to take the company private.

The all-cash transaction values all outstanding A&B common shares at $21.20 per share, giving the deal an enterprise value of approximately $2.3 billion, inclusive of outstanding debt. The offer represents a 40.0 per cent premium to A&B’s closing stock price on December 8, 2025, the day prior to the announcement.

A&B is recognised as the largest owner of high-quality, grocery-anchored shopping centres in Hawaiʻi. Its portfolio encompasses around 4.0 million square feet of commercial space, which includes 21 retail centres, 14 industrial assets, four office properties, and fee interests in 146 acres of ground lease assets.

The A&B Board of Directors unanimously approved the merger. The transaction is scheduled to close in the first quarter of 2026, pending customary closing conditions, including shareholder approval. Upon completion, A&B’s common stock will be delisted from the NYSE.

Eric Yeaman, Chairman of the A&B Board, expressed confidence in the deal. He said: “The Board is confident that today’s news is in the best interests of all of A&B’s stakeholders. It delivers a substantial cash premium for shareholders and long-term benefits for our valued employees, tenants and communities.”

Lance Parker, President and CEO of A&B, commented on the company’s next phase. “For 155 years, A&B has grown alongside Hawaiʻi, shaped by the people, values and communities that define these islands,” Mr Parker stated. “Today, we are taking an important step toward our long-term vision for A&B as stewards of Hawai’i’s premier commercial real estate. 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. In our next chapter, we will continue focusing on real estate that supports the daily lives of residents, overseeing our properties with care and remaining steadfast in our role as partners for Hawai’i.”

The Investor Group has committed to maintaining A&B’s strong local focus. The company will keep its name, brand, and Honolulu headquarters and will continue to be led by a Hawaiʻi-based team. Furthermore, the new ownership intends to invest over $100 million across the existing portfolio to enhance the properties.

Stephen Metter, CEO at MW Group, spoke about the consortium’s support. He said: “As a Hawai’i-grown company founded over 35 years ago, we have seen firsthand the community contributions and lasting value that Alexander & Baldwin has created across generations. We look forward to supporting the Company’s legacy and magnifying our collective impact on the communities we serve.”

David Levine, Co-Head of Americas Acquisitions for Blackstone Real Estate, added: “We’re excited to reach this agreement, which deepens our commitment to Hawai’i and our long-standing support for its local businesses. Our approach has always centered on operating responsibly and creating new opportunities for community members, including the more than 9,000 jobs created and supported by our investments in Hawai’i.”

The company also approved a fourth quarter 2025 dividend of $0.35 per share, payable on January 8, 2026. The cash consideration received by shareholders at closing will be reduced by the dividend amount.

BofA Securities acted as A&B’s financial advisor. Wells Fargo and Eastdil Secured advised Blackstone.