08:28 AM EDT, 04/08/2024 (MT Newswires) -- (Updates with details throughout.)

Blackstone (BX) has agreed to acquire AIR Communities REIT for $10 billion in cash, The Wall Street Journal reported Monday, citing sources briefed on the deal.

The private-equity firm has agreed to acquire AIR Communities through its global real estate fund at $39.12 a share in an all-cash transaction, the Journal reported. The price represents a 25% premium to the closing price of AIRs' stock on Friday.

Neither Blackstone nor AIR Communities immediately responded to requests for comment by MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 126.96, Change: -0.62, Percent Change: -0.49