News
Money Talks: Blackstone to Acquire BioMed in $8B Deal
October 8, 2015
The Blackstone Group has announced an agreement to acquire BioMed Realty Trust for roughly $8B, including debt.
Blackstone Real Estate Partners VIII affiliates will pay $23.75 a share in cash for the life science office space provider.
The transaction represents a 10% premium to BioMed's closing price on Wednesday, and a 24% premium to its closing price on Sept. 22, the day before news of a possible acquisition broke.
BioMed Realty has more than 18M SF of rental space in key markets like Boston-Cambridge, San Francisco, Seattle, and its home base, San Diego. Its revenue in 2014 was $674.6M.
The company's Board of Directors has unanimously approved the deal, which is expected to close in Q1 '16. [NYT]
