Blackstone to Acquire PS Business Parks for $7.6 Billion -Breaking
Investing.com — PS Business Parks Inc (NYSE:) shares soared 12.3% on Monday after it announced that it has entered into an agreement to be acquired by affiliates of Blackstone (NYSE:) Real Estate for $7.6 billion.
Blackstone Real estate will purchase all shares outstanding of the real estate investing company at $187.50 each share.
The terms of the agreement include Blackstone acquiring PSB’s 27 million square foot portfolio of industrial, business park, traditional office, and properties. Transaction expenses are included in the $7.6billion purchase price.
“I am extremely proud of everything we have accomplished at PS Business Parks,” said Stephen Wilson, president and chief executive officer of PSB.
“This transaction is an exceptional outcome for our stockholders and a testament to the incredible company and portfolio of high-quality assets our team has built, acquired and enhanced over the years,” Wilson added.