Alexander & Baldwin, Inc., a Hawaiʻi-based owner, operator and developer of high-quality commercial real estate in Hawaiʻi, said Monday afternoon it had entered into a definitive merger agreement in which a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest will acquire all outstanding A&B common shares in an all-cash transaction with an enterprise value of approximately $2.3 billion, including outstanding debt. A&B will become a private company.  

A&B is the largest owner of grocery-anchored shopping centers in Hawai‘i. The company’s portfolio includes approximately four million square feet of commercial space, including 21 retail centers, 14 industrial assets and four office properties, along with fee interests in 146 acres of ground lease assets. 

“For 155 years, A&B has grown alongside Hawaiʻi, shaped by the people, values and communities that define these islands,” said Lance Parker, president and CEO of A&B. “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.” 

BofA Securities is serving as A&B’s exclusive financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP and Cades Schutte LLP are serving as legal advisors. Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor.  

Wells Fargo and Eastdil Secured are acting as Blackstone’s financial advisors. Simpson Thacher & Bartlett LLP and Carlsmith Ball LLP are serving as Blackstone’s legal counsel. 

Gibson, Dunn & Crutcher LLP is serving as DivcoWest’s legal counsel.  

Pictured: A&B’s Pearl Highlands Center in Pearl City, HI.