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A&B Inc. set to buy Grace Pacific Corp.

June 7, 2013
The Associated Press

HONOLULU (AP) - Major Hawaii landowner and real estate investor Alexander & Baldwin Inc. is buying construction company Grace Pacific Corp. for $235 million.

The companies said Thursday that the purchase will be made with about 85 percent A&B common stock and 15 percent cash. A&B will assume about $42 million of Grace Pacific's debt.

A&B Chairman Stanley Kuriyama says buying Grace will provide A&B with additional financial capacity to act on new Hawaii real estate opportunities. He says it will allow A&B to pay a modest quarterly cash dividend.

A&B is the state's fourth largest private landowner, with roots in 19th-century sugar plantations. It's one of the state's most active real estate investors.

Grace Pacific is one of Hawaii's largest locally owned construction companies and its largest asphalt paving contractor.



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