ACC American Campus Communities Inc

By Colin Kellaher

Shares of American Campus Communities Inc. rose more than 10% in premarket trading Tuesday after The Wall Street Journal reported that Blackstone Inc. has agreed to buy student-housing owner.

New York private-equity firm Blackstone will pay $65.47 a share for American Campus, a roughly 13.7% premium to Monday's closing price of $57.58 for the Austin, Texas, company.

Including debt, the transaction is valued at about $12.8 billion, according to the report.

American Campus shares were recently changing hands at $64.15, up 11.4%, in premarket trading.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

April 19, 2022 07:23 ET (11:23 GMT)

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