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Longacre Square Partners works the media for Preferred Apartment Communities as it inks a $5.8B all-cash deal to be acquired by Blackstone Real Estate Income Trust.
PAC owns about 12K rental units in 44 communities in the Atlanta, Orlando, Tampa and Jacksonville markets and 54 shopping centers in the Atlanta, Orlando, Raleigh and Nashville areas.
Jacob Werner, co-head of Americas acquisitions for Blackstone, said his firm was attracted to PAC’s “high-quality multifamily assets in key Sun Belt markets” and grocery-anchored retail group that is a “strong and resilient” performer.
Blackstone’s $25 per share offer represents a 39 percent premium over the Feb. 9 closing price of PAC stock, which was before news hit that it was exploring strategic options.
Longacre’s Dan Zacchei and Joe Germani represent PAC.
C Street Advisory handles iRobot Corp as the marketer of the Roomba autonomous vacuum cleaner files Chapter 11 after being squeezed by cheaper competitors.
Joele Frank represents Confluent Inc. as the Mountain View, CA-based data streaming platform company agrees to be acquired by IBM in a deal with an enterprise value of $11B.
Tom Johnson, who has headed H/Advisors Abernathy since 2016, will join FGS Global as global head of private capital & financial services, effective Dec. 16.
Brunswick Group and Gagnier Communications are handling Paramount’s $30 cash per-share offer for all of Warner Bros Discovery, topping Netflix $27.50 cash/stock transaction.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
