Denver-based Apartment Income REIT Corp.’s (AIR) shareholders have approved a monumental agreement to sell the real estate investment trust to private equity giant Blackstone for $10 billion. This crucial step paves the way for the AIR Blackstone deal closure within the next several days.
AIR Blackstone Deal Closure: Shareholders Greenlight the Sale
The REIT, known as AIR Communities, expects to finalize the deal on or around June 28, according to a statement released Tuesday. The approval follows recommendations from leading proxy advisory firms Glass Lewis & Co. and Institutional Shareholder Services Inc. (ISS), which earlier this month advised shareholders to endorse the transaction.
Deal Specifics and Legal Counsel
In the April agreement, Blackstone agreed to purchase AIR Communities in a take-private transaction valued at approximately $10 billion. Legal counsel for Blackstone was provided by Simpson Thacher & Bartlett LLP, while Skadden Arps Slate Meagher & Flom LLP represented AIR.
