(Austin Business Journal) — In what would be a shakeup of Austin’s public company hierarchy, student housing company American Campus Communities Inc. said April 19 it has agreed to be purchased by funds controlled by Blackstone Inc., a giant in alternative investment management. The all-cash deal would pay $65.47 per share and is valued at about $12.8 billion, including ACC’s debt.

That price represents a 22% premium compared with the 90-calendar-day average of the stock price and a 30% premium compared with its closing on Feb. 16, before American Campus indicated it was open to a deal.

American Campus (NYSE: ACC) develops, owns and manages student housing communities in the United States. It owns 166 properties and bills itself as the largest student housing company in the country.

Read the full story in the Austin Business Journal.