Alexander & Baldwin is Taken Private in $2.3 Billion Transaction

Rhea-AI Summary

Alexander & Baldwin (NYSE:ALEX) has been taken private in an all-cash transaction with an enterprise value of approximately $2.3 billion. Shareholders approved the deal on March 9, 2026, and received $21.20 per share gross, netting $20.85 after a prior dividend.

The company's common stock has ceased trading on the New York Stock Exchange. The Investor Group includes affiliates of MW Group, Blackstone Real Estate and DivcoWest. Financial and legal advisors for the transaction are disclosed.

Positive

• Enterprise value of $2.3 billion
• Shareholders approved deal on March 9, 2026
• $21.20 per-share cash consideration
• Company removed from NYSE trading (now private)

Negative

• Shareholders receive net $20.85 per share after dividend
• Outstanding debt included in $2.3 billion enterprise value
• Public shareholders lose future public-market liquidity

News Market Reaction – BXMT

-0.16%

-0.16% Session close to close

In the Mar 13 session, BXMT declined 0.16%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights a completed $2.3 billion all-cash take-private of Alexander & Baldwin b...

Analysis

This announcement highlights a completed $2.3 billion all-cash take-private of Alexander & Baldwin by a group including Blackstone Real Estate and DivcoWest, underscoring ongoing transaction activity in commercial real estate. For BXMT, context matters: shares trade at $18.59, below the $19.20 200-day MA and 12.46% under the 52-week high. Investors may watch how continued deal flow around Blackstone-affiliated platforms, BXMT’s earnings trends, and any future use of its S-3ASR shelf interact with sector-wide REIT conditions.

Key Figures

Enterprise value: $2.3 billion Cash consideration: $21.20 per share Q4 2025 dividend: $0.35 per share +1 more

4 metrics

Enterprise value $2.3 billion Transaction value for Alexander & Baldwin including outstanding debt

Cash consideration $21.20 per share Gross cash amount per A&B common share under merger agreement

Q4 2025 dividend $0.35 per share A&B’s fourth quarter 2025 dividend paid Jan 8, 2026

Net merger payment $20.85 per share Cash paid at closing per A&B share after Q4 2025 dividend adjustment

Historical Context

5 past events · Latest: Feb 11 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Feb 11	Earnings results	Positive	+2.0%	Reported 2025 earnings, emphasizing credit improvement and dividend coverage.
Feb 06	Dividend tax details	Neutral	-0.5%	Disclosed federal tax treatment of 2025 Class A common stock dividends.
Feb 02	Major lease deal	Positive	+1.6%	Anthropic leased full 300/342 Howard campus from a DivcoWest–Blackstone JV.
Jan 07	Earnings call notice	Neutral	-2.0%	Announced timing of Q4 and full-year 2025 earnings release and conference call.
Dec 15	Dividend declaration	Neutral	-2.2%	Declared Q4 2025 dividend of $0.47 per share on Class A common stock.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent BXMT news has centered on earnings, dividends, and real estate activity, with share moves generally modest (within a few percent) and often aligning directionally with the tone of announcements.

Recent Company History

Over the last few months, BXMT’s news flow has focused on earnings, dividends, and platform activity. On Feb 11, 2026, full-year 2025 results and capital optimization efforts coincided with a 2.04% gain. Dividend-related updates on Feb 6, 2026 and Dec 15, 2025 produced small negative reactions of -0.51% and -2.23%. A major San Francisco lease involving Blackstone Real Estate and DivcoWest on Feb 2, 2026 saw BXMT up 1.61%. Today’s Alexander & Baldwin take-private highlights continued real estate activity involving Blackstone affiliates.

Key Terms

enterprise value, all-cash transaction, merger agreement

3 terms

enterprise value financial

"in an all-cash transaction with an enterprise value of approximately $2.3 billion"

Enterprise value is the total worth of a company, reflecting what it would cost to buy the entire business. It includes the company's market value plus any debts, minus its cash holdings, offering a comprehensive picture of its true value. Investors use it to compare companies regardless of their capital structures, helping them assess how much they would need to pay to acquire the business.

View in glossary

all-cash transaction financial

"has completed its previously announced acquisition ... in an all-cash transaction"

An all-cash transaction is a deal where the full purchase price is paid immediately in cash or cash equivalents, rather than through financing or installment payments. For investors, this type of transaction often indicates a quick, straightforward sale and can signal confidence from the buyer, potentially affecting the value and perception of the involved assets.

merger agreement regulatory

"Pursuant to the terms of the merger agreement, holders of A&B common shares"

A merger agreement is a binding contract that lays out the exact terms for two companies to combine, including the price, what each side will deliver, and the conditions that must be met before the deal is completed. Investors care because it sets the timetable, payouts and risks — like a blueprint or prenup that shows whether the deal is likely to close, how ownership will change, and what could cancel or alter the payout they expect.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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HONOLULU, March 12, 2026 /PRNewswire/ -- Alexander & Baldwin ("A&B" or the "Company"), a Hawaiʻi-based owner, operator and developer of high-quality commercial real estate in Hawaiʻi, today announced that a joint venture formed by an affiliate of MW Group and funds affiliated with Blackstone Real Estate and DivcoWest (collectively, the "Investor Group") has completed its previously announced acquisition of all outstanding A&B common shares in an all-cash transaction with an enterprise value of approximately $2.3 billion, including outstanding debt. The closing of the transaction follows approval by A&B shareholders at the Company's Special Meeting of Shareholders on March 9, 2026.

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 an amount in cash equal to $21.20 per share, without interest and less any applicable withholding taxes and less 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 the close of business on December 19, 2025 (resulting in a net payment at closing of $20.85 less any applicable withholding taxes). As a result of this transaction, A&B's common stock has ceased trading on the New York Stock Exchange and it is now a private company.

BofA Securities served as A&B's exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP and Cades Schutte LLP served as legal advisors.

Simpson Thacher & Bartlett LLP and Carlsmith Ball LLP served as Blackstone's legal counsel.

Gibson, Dunn & Crutcher LLP and McDermott Will & Schulte LLP served as legal counsel to DivcoWest and MW Group in connection with the transaction. Schneider Tanaka Radovich Andrew & Tanaka LLLC served as additional legal counsel to MW Group.

The transaction was announced on December 8, 2025.

ABOUT ALEXANDER & BALDWIN
Alexander & Baldwin (A&B) is a commercial real estate operator focused on grocery-anchored retail and select commercial assets across Hawai'i. A&B is the state's largest owner of neighborhood shopping centers. The company owns and manages approximately 4.0 million square feet of commercial space in Hawai'i, including 21 retail centers, 14 industrial assets, four office properties, and 146 acres of ground lease holdings. Over its 156-year history, A&B has evolved with the state's economy and played a leadership role in the development of the agricultural, transportation, tourism, construction, residential and commercial real estate industries. A&B is privately held through a joint venture formed by MW Group, Blackstone Real Estate and DivcoWest.

Learn more about A&B at www.alexanderbaldwin.com.

About MW Group, Ltd.
MW Group, Ltd. is a privately-held, commercial real estate development company based in Honolulu, Hawai'i. 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. The company is committed to long-term stewardship, community-building, and creating enduring value through strategic partnerships and operational excellence. Learn more at www.mwgroup.com.

About Blackstone Real Estate
Blackstone is a global leader in real estate investing. Blackstone's real estate business was founded in 1991 and has US $319 billion of investor capital under management. Blackstone is the largest owner of commercial real estate globally, owning and operating assets across every major geography and sector, including logistics, data centers, residential, office and hospitality. Our opportunistic funds seek to acquire well-located assets across the world. Blackstone's Core+ business invests in substantially stabilized real estate assets globally, through both institutional strategies and strategies tailored for income-focused individual investors including Blackstone Real Estate Income Trust, Inc. (BREIT). Blackstone Real Estate also operates one of the leading global real estate debt businesses, providing comprehensive financing solutions across the capital structure and risk spectrum, including management of Blackstone Mortgage Trust (NYSE: BXMT). 

About DivcoWest
Founded in 1993 by Stuart Shiff, DivcoWest, a DivCore Capital company, is a vertically integrated, real estate investment firm headquartered in San Francisco, with offices in Cambridge, Beverly Hills, Menlo Park, Washington DC, Austin, and New York City. Known for long-standing relationships and experience across the risk-spectrum in innovation markets, DivcoWest combines entrepreneurial spirit with an institutional approach to commercial real estate. DivcoWest aims to create environments that inspire ingenuity, promote growth, and enhance health and well-being. Since inception, DivcoWest and its predecessor have acquired approximately 61 million square feet of commercial space - primarily throughout the United States. DivcoWest's real estate portfolio currently includes existing and development properties in the office, R&D, lab, industrial, retail, and multifamily spaces. Follow @DivcoWest on LinkedIn.

Contacts:

A&B

Investor Contact:

Clayton Chun
(808) 525-8475
investorrelations@abhi.com

Media Contact:

Tran Chinery
tchinery@abhi.com

MW Group

Dylan Beesley
Bennet Group Strategic Communications
dylan@bennetgroup.com

Blackstone

Jeffrey Kauth
Jeffrey.Kauth@Blackstone.com

Dylan Beesley
Bennet Group Strategic Communications
dylan@bennetgroup.com

DivcoWest

Andrew Neilly
A2N2 Public Relations
925.915.0759
Andrew@A2N2PR.com 

Nancy Amaral
A2N2 Public Relations
925.915.0673
Nancy@A2N2PR.com

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SOURCE Alexander & Baldwin

FAQ

What was the cash consideration per share in the ALEX take-private deal?

Direct answer: ALEX shareholders received $21.20 per common share gross at closing. According to the company, the deal netted $20.85 per share after the previously paid $0.35 fourth-quarter 2025 dividend and any applicable withholding taxes.

When did ALEX shareholders approve the buyout and when did trading cease?

Direct answer: Shareholders approved the acquisition on March 9, 2026 and trading ceased at closing. According to the company, the transaction closed March 12, 2026, and ALEX common stock has stopped trading on the NYSE.

Who are the buyers in the Alexander & Baldwin (ALEX) $2.3 billion transaction?

Direct answer: The Investor Group comprises an affiliate of MW Group, funds affiliated with Blackstone Real Estate, and DivcoWest. According to the company, these parties completed the all-cash acquisition with other advisors and legal counsel participating.

Does the $2.3 billion figure for ALEX include debt?

Direct answer: Yes, the stated enterprise value of approximately $2.3 billion includes outstanding debt. According to the company, the purchase price figure reflects the combined equity and debt enterprise valuation used in the transaction.

What did the ALEX transaction mean for public shareholders' liquidity?

Direct answer: Public shareholders no longer have NYSE trading liquidity for ALEX shares after closing. According to the company, the stock ceased trading and former public holders received cash consideration at closing.