Blackstone Core+ To Buy American Campus Communities For Around $12.8 Bln

(RTTNews) - American Campus Communities, Inc. (ACC) or ACC, a student housing provider, said on Tuesday that it has inked a deal for Blackstone Core+, to acquire ACC for $65.47 per share.

The all-cash transaction, scheduled in the third quarter, is valued at around $12.8 billion.

Blackstone Core+ consists of Blackstone Real Estate Income Trust, Inc. and Blackstone Property Partners (BPP).

ACC also noted that the value of the acquisition deal represents a premium of 22 percent to the 90-calendar day volume-weighted average share price ending on April 18 and a 14 percent premium to Monday's closing price.

As part of the deal, ACC said that it has agreed to suspend payment of its quarterly dividend, effective immediately.

ACC's portfolio comprises 166 owned properties in 71 leading university markets including Arizona State University, The University of Texas, Florida State University, and others.