UPDATED: American Campus confirms acquisition by Blackstone Group

American Campus Communities Inc. on Tuesday confirmed a report by The Wall Street Journal that it agreed to be acquired by Blackstone Group Inc. in a deal that values the student housing company at about $12.8 billion including debt. Shares of American Campus Communities rallied 13% in premarket trades. Blackstone Group plans to pay $65.47 a share for American Campus Communities, which bills itself as the largest developer, owner and manager of high-quality student housing communities in the U.S. The price amounts to a 13.7% premium over the stock's price at the end of Monday's trading session. For the deal, Blackstone is tapping its Blackstone Core+ perpetual capital vehicles, mostly comprised of Blackstone Real Estate Income Trust Inc. and Blackstone Property Partners. Prior to Tuesday's trades, American Campus Communities stock is up 0.5% in 2022, compared to a drop of 7.9% by the S&P 500 .

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.