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Blackstone (NYSE:BX) shares are trading higher on Wednesday.
In fact, several banking and private equity shares traded higher after Donald Trump won the U.S. presidential election.
Meanwhile, Blackstone Real Estate Partners X has agreed to acquire all outstanding shares of Retail Opportunity Investments Corp. (NASDAQ:ROIC) for $17.50 per share.
The all-cash deal is valued at approximately $4 billion, including Retail Opportunity Investments’ outstanding debt.
The purchase price represents a premium of 34% to Retail Opportunity Investments’ closing share price on July 29, the last trading day prior to news reports of a potential sale.
“We are pleased to be acquiring ROIC, which owns a unique collection of high-quality assets in some of the most desirable West Coast markets,” said Jacob Werner, Co-Head of Americas Acquisitions at Blackstone Real Estate.
The transaction is expected to close in the first quarter of 2025, subject to customary closing conditions.
Also Read: Stock Of The Day: Trump Media & Technology Hits Resistance, Reverses And Trends Lower
Retail Opportunity Investments’ portfolio comprises 93 grocery-anchored retail properties totaling 10.5 million square feet concentrated in Los Angeles, Seattle, San Francisco and Portland.
“The sector is experiencing accelerating fundamentals, benefiting from nearly a decade of virtually no new construction, while demand for brick-and-mortar grocery stores, restaurants, fitness and other lifestyle retailers remains healthy,” Werner added.
“We are confident that Blackstone will position ROIC’s portfolio for continued growth and success,” said Stuart A. Tanz, President and Chief Executive Officer of Retail Opportunity Investments.
Price Action: ROIC shares traded higher by 4.28% to $17.30 at last check Wednesday, while BX shares traded higher by 4.03% to $176.46.
Image via Shutterstock
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This article What's Going On With Blackstone Stock Today? originally appeared on Benzinga.com
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