Alexander & Baldwin (A&B), a Hawaiʻi-based commercial real estate company, has completed a $2.3 billion take-private transaction led by a joint venture formed by an affiliate of MW Group along with funds affiliated with Blackstone Real Estate and DivcoWest.
The investor group acquired all outstanding A&B common shares in an all-cash transaction with an enterprise value of approximately $2.3 billion, including outstanding debt. The transaction follows approval by A&B shareholders at a special meeting held on March 9, 2026.
Under the terms of the merger agreement, shareholders who held their A&B shares through the effective time of the merger are entitled to receive $21.20 per share in cash, without interest and subject to applicable withholding taxes. The payment is reduced by the company’s fourth quarter 2025 dividend of $0.35 per share that 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 before applicable taxes.
Following completion of the transaction, A&B’s common stock has ceased trading on the New York Stock Exchange and the company is now privately held.
BofA Securities served as the exclusive financial advisor to A&B. Skadden, Arps, Slate, Meagher & Flom LLP and Cades Schutte LLP served as legal advisors to the company.
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 in connection with the transaction, with Schneider Tanaka Radovich Andrew & Tanaka LLLC serving as additional legal counsel to MW Group.
Alexander & Baldwin is focused on owning, operating, and developing commercial real estate assets across Hawaiʻi, with a portfolio anchored by grocery-focused retail centers and other commercial properties. The company manages approximately 4.0 million square feet of commercial space in the state, 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 played a role in the development of Hawaiʻi’s agricultural, transportation, tourism, construction, residential, and commercial real estate industries. Under its new ownership structure, the company will continue operating as a privately held real estate platform backed by MW Group, Blackstone Real Estate, and DivcoWest.
