Alexander & Baldwin, Inc.: M&A transaction — A&B completes $60M sale of Grace Pacific to Nan, Inc.; exits materials & construction business

Alexander & Baldwin, Inc.

Sold Grace Pacific and AB Maui Quarries for $57.5M ($42.5M cash + $15M promissory note).
Also sold Grace Pacific's 50% stake in Maui Paving for $2.5M; combined consideration $60M.
A&B released from all surety indemnity obligations related to Grace Pacific's construction bonds.
Estimated loss on disposition of ~$9.5M, reflecting the Grace Disposal Group's carrying value.
Sale marks completion of simplification strategy; A&B now focused solely on Hawaii commercial real estate.

item 2.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

Alexander & Baldwin, Inc. completed a disposition involving Nan, Inc. for $57.5 million (closed 2023-11-15).

Action: disposition
Counterparty: Nan, Inc.
Consideration: $57.5 million
Closing: 2023-11-15

Exact text from the filing

On November 15, 2023, the Company sold the Grace Disposal Group to Nan, Inc., an unrelated third party, for total consideration of $57.5 million (the "Transaction"), which consisted of cash proceeds of $42.5 million and a $15.0 million promissory note (the "Seller Note").

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Source: SEC EDGAR

accession 0001545654-23-000041

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