American Campus Communities’ stockholders approved the acquisition of the company by Blackstone Core+ perpetual capital vehicles, primarily comprised of Blackstone Real Estate Income Trust, Inc., alongside Blackstone Property Partners L.P., for $12.8 billion.
The transaction is expected to close on or about August 9, 2022, subject to the satisfaction or waiver of customary closing conditions.
Under the terms of the merger agreement announced on April 19, 2022, among other things, each share of the company’s common stock issued and outstanding at the effective time of the merger will be automatically cancelled and converted into the right to receive, in accordance with the terms of the merger agreement, an amount in cash equal to $65.47 per share, without interest.
Upon closing of the transaction, American Campus Communities common stock will no longer be listed on any public market.
American Campus Communities, Inc. is the largest owner, manager and developer of high-quality student housing communities in the United States.