Blackstone buying American Campus for $12.8 bln: WSJ

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Blackstone Group Inc. BX, -0.88% is close to buying American Campus Communities Inc. ACC, -0.64% in a deal that values the U.S.’s largest developer, owner and manager of student housing communities at about $12.8 billion including debt, The Wall Street Journal reported Tuesday. Shares of American Campus Communities rallied 13% in premarket trades. Citing people familiar with the transaction, the newspaper reported that Blackstone Group plans to pay $65.47 a share for American Campus Communities. The price amounts to a 13.7% premium over the stock’s price at the end of Monday’s trading session. Prior to Tuesday’s trades, American Campus Communities stock is up 0.5% in 2022, compared to a drop of 7.9% by the S&P 500 SPX, -0.02%.

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