Blackstone to buy American Campus Communities in $12.8 billion deal – WSJ
2022.04.19 14:46
FILE PHOTO: Signage is seen outside The Blackstone Group headquarters in Manhattan, New York, U.S., November 12, 2021. REUTERS/Andrew Kelly/File Photo
(Reuters) -Asset manager Blackstone (NYSE:BX) Inc has agreed to buy student-housing owner American Campus (NYSE:ACC) Communities Inc for about $12.8 billion including debt, the Wall Street Journal reported on Tuesday. (https://on.wsj.com/3EsXV8P)
The deal underscores Blackstone’s bet that rents will continue to rise as colleges open and students return to campus, the report said.
The companies did not immediately respond to Reuters requests for comment.
The per-share price of the deal is $65.47, according to the WSJ report. That is nearly 14% higher than the stock’s last close.
ACC will be taken private through Blackstone Real Estate Income Trust Inc and Blackstone Property Partners, the report said.
