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 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.