Alexander & Baldwin, Acquire Grace Pacific Corporation for $235M in Cash, Stock Deal

Alexander & Baldwin, Inc. ALEX ("A&B" or "Company") and Grace Pacific Corporation ("Grace") announced Thursday that they have entered into a definitive merger agreement for A&B to acquire the privately held Grace for a combination of stock and cash valued at $235 million. A&B also will be assuming projected net debt of approximately $42 million at closing. Grace is the State's preeminent infrastructure company, providing aggregate, hot mix asphalt and road construction and paving services. Grace was founded in Hawaii in 1931, and its operations are based exclusively in Hawaii. (Logo: http://photos.prnewswire.com/prnh/20120801/LA50085LOGO) "A&B has long been involved in building communities in Hawaii. The addition of Grace to the Company will extend our capabilities to encompass infrastructure development and replacement work, for which we see a steady and growing need in Hawaii. Grace's strong, difficult-to-replicate business model, diverse payer base and steady and growing cash flows will increase our local market presence, provide A&B with additional financial capacity to See full press release