(PAC) Preferred Apartment Communities Inc. has announced a $5.8 billion purchase deal by Blackstone Inc.
The all-cash transaction deal will be executed at $25.00 per share of PAC, representing a 39% premium to the stock’s closing price on February 9, 2022.
The deal happens as Blackstone ramps up investments in the booming housing sector in a recovering economy characterized by ultra-low interest rates. Blackstone acquired Home Partners last year in a $6 billion deal.
The deal is expected to close in the second quarter of 2022, with the terms allowing PAC to seek alternative bids if the 30-day “go-shop” period expires on March 18.
APTS: NYSE is up +8.16%, BX: NYSE is down -0.31%.
