Blackstone to Buy PS Business Parks in $7.6 Billion Take-Private Deal

Blackstone to Buy PS Business Parks in $7.6 Billion Take-Private Deal
Signage is seen outside The Blackstone Group headquarters in Manhattan, New York, U.S. on Nov. 12, 2021. Andrew Kelly/Reuters
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Blackstone Inc on Monday agreed to buy real estate investment trust (REIT) PS Business Parks for $7.6 billion, including debt, as dealmaking activity in the real estate sector continues to thrive in the aftermath of the COVID-19 pandemic.

As part of the take-private deal, Blackstone said its real estate affiliates will pay $187.50 cash to shareholders of PS Business Parks, representing a 12 percent premium from the stock’s closing price last week.