American Campus Communities (ACC) announces $13 billion buyout with Blackstone.

American Campus Communities (ACC) announced today that it has agreed to be taken private by affiliates of Blackstone in an all-cash transaction valued at $12.8 billion.  At closing, Blackstone Real Estate Income Trust and Blackstone Property Partners will acquire the outstanding shares of ACC for $65.47/share.  The transaction is expected to close in the third quarter of 2022.

As stated in ACC's press release, "The purchase price represents a premium of 22 percent to the 90-calendar day volume-weighted average share price ending April 18, 2022, a premium of 30 percent over the closing stock price of February 16, 2022, the date immediately prior to the Company disclosing receipt of an indication of willingness to offer to acquire the Company, and a 14 percent premium to yesterday’s closing price."

American Campus Communities specializes in the ownership and development of on and near-campus student rental housing properties. The current portfolio includes 203 owned and fee-managed properties in 69 markets with an aggregate of 140,900 beds.