MW Group, Blackstone Real Estate, and DivcoWest to Acquire Alexander & Baldwin for $2.3 Billion in Cash

Alexander & Baldwin, Inc. (ALEX) entered a merger agreement on December 8, 2025, to be taken private by a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate (BX) and DivcoWest for $2.3 billion.

Deal Structure:

Alexander & Baldwin shareholders will receive $21.2 per share in cash for each share of A&B common stock they own, representing a 40.03% premium from the stock’s last close.

Company Profile:

Alexander & Baldwin is the largest owner of high-quality, grocery-anchored shopping centers in Hawaii. The company’s portfolio includes approximately 4 million square feet of commercial space, comprising 21 retail centers, 14 industrial assets, and four office properties, along with fee interests in 146 acres of ground-lease assets.

Blackstone Real Estate has been a long-time property owner in Hawaii. It owns well-known hotels like the Grand Wailea, The Ritz-Carlton Maui, Turtle Bay, and the Hilton Hawaiian Village. The company also owns Pearlridge Center and quality rental housing on O‘ahu.

MW Group is a privately held commercial real estate developer based in Honolulu, Hawaii, specializing in the acquisition, development, and management of a diverse portfolio of retail, industrial, office, self-storage, and senior living properties.

DivcoWest is a real estate investment firm that acquires, develops, and manages commercial properties across U.S. innovation markets. The company focuses on creating office, lab, R&D, industrial, retail, and multifamily environments that support innovation and growth.

Deal Details and Timeline:

Following the close of the deal, expected in the first quarter of 2026, A&B will retain its name, brand, and Honolulu headquarters.

The acquiring joint venture plans to invest over $100 million to improve the already existing properties.

A&B also announced that its Board has approved a fourth-quarter 2025 dividend of $0.35 per share. The dividend will be paid on January 8, 2026, to shareholders of record as of the close of business on December 19, 2025. The per-share consideration shareholders receive at closing will be reduced to account for this dividend.

BofA Securities is A&B’s financial advisor, and the law firms Skadden, Arps, Slate, Meagher & Flom and Cades Schutte are providing legal advice. Wells Fargo and Eastdil Secured are Blackstone’s financial advisors, while Simpson Thacher & Bartlett and Carlsmith Ball are its legal counsel. Gibson, Dunn & Crutcher is serving as legal counsel to DivcoWest.

Alexander & Baldwin is being bought at 20.05 times the adjusted funds from operations (AFFO) by MW Group, Blackstone Real Estate, and DivcoWest.

Deal Metrics:

To get more insights about this M&A deal, please follow the link to the Deal Metrics page:

Deal Metrics for the acquisition of Alexander & Baldwin, Inc. (ALEX) by MW Group, Blackstone Real Estate (BX), and DivcoWest

The Deal Metrics page for each merger or acquisition includes:

• A spread history chart of the merger from announcement through completion or failure.
• Progress of the merger including HSR period expiration, regulatory approvals, shareholder votes, etc.
• Access to news and SEC filings related to the deal.
• A history of deal updates.
• And a whole lot more.

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Editor’s Note: Baranjot Kaur contributed to this article