 |
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.
Teneo represents American Ocean Minerals Corp as its merges with NASDAQ-listed Odyssey Marine Exploration to create a $1B deep-sea critical minerals research and mining platform that is under US-control.
Kekst CNC represents Cleveland-based Everstream as the business-only fiber network receives bankruptcy court approval for the sale of almost all of its operations to Bluebird Fiber for $385M.
FTI Consulting handles media for McCormick as the 137-year-old flavors company combines with Unilever Foods in a deal valued at $45B.
Edelman Smithfield handles Sysco as the world's largest food-away-from-home distributor acquires Foxcroft Strategy Group client Jetro Restaurant Depot, which serves delis and mom & pop shops, in a deal valued at $29B.
FGS Global represents Brown-Forman Corp. as it confirms merger discussions with French liquor giant Pernod Ricard.
