Alexander & Baldwin Goes Private in $2.3 Billion Deal

By Chris Stiles • Wednesday, March 18 03:29 • Permanent Link

Alexander & Baldwin (A&B), a Hawaiʻi-based owner, operator, and developer of high-quality commercial real estate, has been taken private in a $2.3 billion transaction. The joint venture formed by an affiliate of MW Group and funds affiliated with Blackstone Real Estate and DivcoWest has completed the acquisition of all outstanding A&B common shares in an all-cash transaction.

As part 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, resulting in a net payment at closing of $20.85 per share after deducting A&B’s fourth quarter 2025 dividend of $0.35 per share. Following the transaction, A&B's common stock has ceased trading on the New York Stock Exchange, and the company is now a private entity.

A&B owns and manages approximately 4.0 million square feet of commercial space in Hawaiʻi, including 21 retail centers, 14 industrial assets, four office properties, and 146 acres of ground lease holdings. The company has a 156-year history and has played a leadership role in the development of various industries in the state.

MW Group, Ltd., a privately-held commercial real estate development company based in Honolulu, Hawaiʻi, led the acquisition, development, and management of a diverse portfolio of commercial properties valued at over $1 billion.

Blackstone Real Estate, a global leader in real estate investing, has US $319 billion of investor capital under management and is the largest owner of commercial real estate globally.

DivcoWest, a vertically integrated real estate investment firm, is known for its long-standing relationships and experience across the risk-spectrum in innovation markets. The company has acquired approximately 61 million square feet of commercial space primarily throughout the United States.

The transaction, which was announced on December 8, 2025, marks a significant development in the commercial real estate landscape, as A&B transitions into a privately held company under the joint venture formed by MW Group, Blackstone Real Estate, and DivcoWest. Following these announcements, the company's shares moved 0.1%, and are now trading at a price of $20.85. For the full picture, make sure to review Alexander & Baldwin's 8-K report.

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