Alexander & Baldwin announced it will have new owners and will no longer be publicly traded on the New York Stock Exchange.
Once the operator of Matson and local plantations, Alexander & Baldwin in recent years divested non-core holdings to become mainly an owner of local neighborhood shopping centers.
It also owns local industrial properties and four office buildings.
In the new $2.3 billion deal, if approved by shareholders, A&B will be acquired and taken private by a hui led by Stephen Metter’s MW Group and by Blackstone, the investment giant that buys and sells major Hawaiʻi hotel resorts.
The all-cash transaction works out to $21.20 a share.
Management stays — Eric Yeaman remains A&B chair, and Lance Parker is still president and CEO.
"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," Yeaman said in a news release.
A&B will also retain its name, brand and headquarters in Honolulu, according to the release.
