(Updates with the latest stock movement in the last paragraph and headline.)

Blackstone's (BX) portfolio firm Safe Harbor has agreed to acquire MarineMax (HZO) for $53 per share in cash, valuing the recreational boat retailer at about $1.5 billion, including debt, the companies said Monday.

The purchase price represents a 96% premium to MarineMax's last trading day before the public disclosure of an unsolicited, non-binding takeover proposal.

The deal, which is expected to close by the end of 2026, was unanimously approved by MarineMax's board following a strategic review.

The transaction is not subject to a financing condition, the companies said. Upon completion, MarineMax will no longer be listed on the New York Stock Exchange.

Shares of MarineMax were up roughly 46% in Monday trading, while Blackstone stock was up 2.5%.

Price: 140.58, Change: +3.45, Percent Change: +2.52