Alexander & Baldwin, Inc. (A&B), a premier Hawaii-based owner, operator, and developer of commercial and residential real estate projects, has entered into a definitive merger agreement to be acquired by a joint venture formed by MW Group, funds affiliated with Blackstone Real Estate, and DivcoWest (collectively, the “Investor Group”). The all-cash transaction values all outstanding A&B common shares at $21.20 per share, representing an enterprise value of approximately $2.3 billion, which includes outstanding debt. This transaction, unanimously approved by the A&B Board of Directors, will result in A&B transitioning from a publicly traded entity to a private company.

A&B is recognized as the largest owner of high-quality, grocery-anchored shopping centers across Hawaii. The company’s diverse portfolio spans approximately 4 million square feet of commercial space. This includes 21 retail centers, 14 industrial assets, four office properties, and fee interests in 146 acres of ground lease assets, positioning the company as a major supporter of local communities and residents’ daily lives. A&B also developed notable residential projects in Honolulu including Keola Lai, The Collection, and Waihonua.

The acquisition offers significant value to A&B shareholders, delivering a substantial 40% premium over the closing stock price prior to the announcement. As a private entity, A&B will be supported by the extensive real estate expertise of the Investor Group, which is poised to enhance the company’s capacity to serve its tenants and communities. The new ownership has committed to investing over $100 million across the existing portfolio to enhance the properties and reinforce their essential role in the communities they serve.

Crucially for the local market, the company’s strong local focus will be maintained. A&B will retain its name, brand, and Honolulu headquarters, and will continue to be led by its Hawaii-based team. The Investor Group aligns with A&B’s long-term vision of operating as stewards of Hawaii’s commercial real estate, maintaining the company’s legacy as dedicated partners for the islands. The transaction is subject to customary closing conditions, including shareholder approval, and is anticipated to be completed in the first quarter of 2026.