Alexander & Baldwin is set to be taken private in a $2.3 billion all-cash acquisition, following the entry into a definitive merger agreement with a joint venture backed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest. The transaction values the Honolulu-based real estate firm at approximately $2.3 billion in enterprise value, including outstanding debt. Shareholders will receive $21.20 per share in cash, representing a 40% premium to the company’s closing stock price on December 8, 2025.
Upon completion of the deal, the company’s common stock will no longer be listed on the New York Stock Exchange. The transaction was unanimously approved by the Board of Directors and is projected to close in the first quarter of 2026, subject to customary shareholder and regulatory approvals.
Alexander & Baldwin is Hawaiʻi’s largest owner and operator of grocery-anchored shopping centers, controlling roughly four million square feet of commercial real estate. Its property portfolio spans 21 retail centers, 14 industrial assets, 4 office properties, and fee interests in 146 acres of ground-lease assets. According to the announcement, the buyer group intends to invest more than $100 million across the portfolio to enhance its assets and strengthen its position in the communities it serves.
The company will maintain its brand, name, and Honolulu headquarters and continue to be run by its Hawaiʻi-based leadership team. The investor group signaled support for Alexander & Baldwin’s long-standing legacy and reaffirmed its intention to expand local relationships and community engagement.
The company also announced that its Board of Directors approved a fourth quarter 2025 dividend of $0.35 per share, payable on January 8, 2026, to shareholders of record as of December 19, 2025. Per the merger agreement, this dividend amount will be deducted from the cash consideration shareholders receive at closing.
KEY QUOTES:
“For 155 years, A&B has grown alongside Hawaiʻi, shaped by the people, values and communities that define these islands. 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.”
Lance Parker, President and Chief Executive Officer of Alexander & Baldwin
“We’re pleased to reach this agreement, which 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. 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.”
Eric Yeaman, Chairman of the Alexander & Baldwin Board
“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.”
Stephen Metter, CEO of MW Group
“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. We have a deep appreciation for what the Alexander & Baldwin management team has built, and we look forward to working together going forward.”
David Levine, Co-Head of Americas Acquisitions for Blackstone Real Estate
“Alexander & Baldwin has built an outstanding portfolio and we look forward to working with our partners and the Company to help continue its success.”
Caleb Cragle, Head of Strategic Investments, DivcoWest
