Blackstone's new €449M acquisitions

|About: The Blackstone Group L.P. (BX)|By:, SA News Editor

Blackstone (BX) will buy Lombard International Assurance, a wealth management firm, and Insurance Development Holdings from the Friends Life Group (RSLLF) for €449M.

Upon the completion of the transaction, a buy-back program will commence returning €329M to shareholders.

The deal is still pending anti-trust and regulatory approval but is expected to be completed in the second half of 2014.