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lexander & Baldwin, the leading owner of premium grocery‑anchored shopping centers in Hawaiʻi, has entered a definitive merger agreement. The deal, a joint venture between MW Group and funds linked to Blackstone Real Estate and DivcoWest, will purchase all outstanding common shares for $21.20 each in an all‑cash transaction, valuing the company at roughly $2.3 billion including debt. Upon closing, the firm will become privately held.

    The company controls about 4 million square feet of space: 21 retail centers, 14 industrial sites, four offices, and fee interests in 146 acres of ground leases. Its flagship assets include Queens’ Marketplace in Waikōloa, Lanihau Marketplace in Kailua‑Kona, and Honokōhau Industrial Park in Kona.

    CEO Lance Parker said the sale “moves us toward our long‑term vision of stewarding Hawaiʻi’s premier commercial real estate.” He added that the new ownership will enhance the firm’s ability to serve tenants and communities, maintaining a local focus and continuing leadership by a Hawaiʻi‑based team. Parker emphasized a commitment to properties that support residents’ daily lives and to remaining steadfast partners for the islands.

    Board Chair Eric Yeaman noted the merger offers a substantial cash premium to shareholders and long‑term benefits for employees, tenants, and communities. The Investor Group will keep the Alexander & Baldwin name, brand, and Honolulu headquarters, and plans to invest over $100 million to upgrade the portfolio and reinforce its community role.

    MW Group CEO Stephen Metter highlighted the company’s 35‑year legacy and expressed enthusiasm for amplifying its impact. Blackstone Real Estate, known for responsible ownership of iconic Hawaiian properties such as Grand Wailea and The Ritz‑Carlton Maui, praised the partnership and its commitment to creating community opportunities, citing over 9,000 jobs generated by its investments. DivcoWest’s Caleb Cragle echoed support for the portfolio’s continued success.

    Shareholders will receive $21.20 per share, a 40 % premium to the December 8 closing price. The transaction, approved unanimously by the board, is slated to close in Q1 2026, pending customary conditions and shareholder approval. A $0.35 per share dividend will be paid on January 8 2026 to record shareholders as of December 19, with the per‑share consideration adjusted accordingly.