BUZZ-Sun Communities up on Blackstone deal to buy co's safe harbor marinas unit
ReutersFeb 24, 2025 2:56 PM
Sun Communities SUI.N shares rise 3.2% to $130.15 in early trading
Co to sell its Safe Harbor Marinas unit to affiliates of Blackstone Infrastructure for $5.65 billion in cash
The base purchase price represents an approximate 21x multiple on the estimated 2024 FFO of the Safe Harbor business
Sun Communities intends to use proceeds to support a combination of debt reduction, distributions to shareholders and reinvestment in its core businesses
The transaction is expected to close in Q2, 2025
Shares of Sun, which has a market cap of $16.1 billion, fell about 8% in 2024
YTD, SUI up 6%
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