Alexander & Baldwin To Go Private In $2.3B All-Cash Deal; A Joint Venture Formed By MW Group And Funds Affiliated With Blackstone Real Estate And DivcoWest Will Acquire All Outstanding Shares For $21.20 Per Share

Shareholders to Receive $21.20 Per Share in Cash Representing a 40.0% Premium to Closing Price on December 8, 2025

HONOLULU, Dec. 8, 2025 /PRNewswire/ -- Alexander & Baldwin, Inc., (NYSE:ALEX) ( "A&B" or the "Company"), a Hawaiʻi-based owner, operator and developer of high-quality commercial real estate in Hawaiʻi, today announced that it has entered into a definitive merger agreement in which a joint venture formed by MW Group and funds affiliated with Blackstone Real Estate and DivcoWest (collectively, the "Investor Group") will acquire all outstanding A&B common shares for $21.20 per share in an all-cash transaction with an enterprise value of approximately $2.3 billion, including outstanding debt. As a result of this transaction, A&B will become a private company.

A&B is the largest owner of high-quality, grocery-anchored shopping centers in Hawai'i. The Company's portfolio consists of approximately 4.0 million square feet of commercial space, including 21 retail centers, 14 industrial assets and four office properties, as well as fee interests in 146 acres of ground lease assets.