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.