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The Blackstone Group L.P. (BX)

  • Fri, Jul. 24, 12:43 PM
    • Blackstone's (NYSE:BX) Senior Managing Director and Head of International Private Equity Michael Chae has been appointed to replace Laurence Tosi who yesterday became the latest Wall Streeter to leave for Silicon Valley.
    • Chae has also been Head of Private Equity for Asia/Pacific since Dec. 2010.
    • Previously: Airbnb close to hiring Blackstone CFO (July 24)
  • Fri, Jul. 24, 3:00 AM
    • Airbnb (Pending:AIRB) is close to hiring Blackstone's (NYSE:BX) Laurence Tosi as Chief Financial Officer, adding to the list of Wall Street CFOs who have packed their bags for Silicon Valley (Ruth Porat, Anthony Noto, Vanessa Wittman).
    • Tosi's appointment, could better position Airbnb to go public. The 47-year-old executive joined Blackstone in 2008, one year after the private equity firm joined the stock market.
  • Thu, Jul. 23, 9:39 AM
    • Blackstone (NYSE:BX) started iLevel Solutions in 2006 to organize performance and valuation data from its hundreds of portfolio companies and report the information to fund investors, and spun the unit out in 2010.
    • The buyer is Ipreo Holdings, a data provider acquired by Blackstone and Goldman Sachs' merchant banking unit from KKR last year.
    • Other iLevel owners include the family office of Blackstone President Tony James, Carlyle Group, Hamilton Lane Advisors, and Duff & Phelps.
    • Terms of the sale were not disclosed.
    • Source: Bloomberg
  • Wed, Jul. 22, 7:23 AM
    • Blackstone (NYSE:BX) agrees to acquire a portfolio of office and logistics properties in Norway and Sweden from 10 funds currently managed a subsidiary of Norway's Agasti Holding for 22B kroner (nearly $3B), and also agrees to buy a 34% interest in subsidiaries of Agasti for 250M kroner.
    • Agasti rose more than 30% in Oslo on the news.
    • "We have had a long-standing ambition to increase our presence in the Nordics,” says James Seppala, Blackstone's head of European acquisitions.
    • Source: WSJ
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  • Mon, Jul. 20, 11:53 AM
    • First Eagle Investment Management manages $100B in equity, fixed-income, and multi-asset strategies. Blackstone (NYSE:BX) - along with Corsair Capital - is buying a majority stake, with the price putting First Eagle's enterprise value at $4B.
    • First Eagle's management and investment leadership will continue to run the firm on a day-to-day basis.
    • The deal is expected to close in Q4.
    • Source: Press release
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  • Thu, Jul. 16, 7:33 AM
    • Q2 economic net income of $508M or $0.43 per share vs. $1.3B and $1.15 one year ago.
    • Performance fees of $569.7M down 59% Y/Y. Investment income of $10.8M down 94%. Expenses of $673.2M down 24%.
    • Distributable earnings of $1.03B vs. $765M one year ago as realized performance fees hit $985M, up 45% Y/Y.
    • Fee-earning AUM of $239B up 14% Y/Y.
    • Private equity quarterly appreciation of 3.5%, up 9.4% YTD, up 16.5% LTM. Q2 ENI of $169.4M down 74% Y/Y, with performance fees of $241M down 66%.
    • Real estate quarterly appreciation of 1.2%, up 9% YTD, up 20.3% LTM. ENI of $137M down 72%, with performance fees of $180.5M down 67%.
    • Hedge fund solutions ENI of $92M up 11% Y/Y.
    • Credit ENI of $119M up 15% Y/Y.
    • Conference call at 11 ET
    • Previously: Blackstone misses by $0.07, misses on revenue (July 16)
    • BX -2.5% premarket
  • Thu, Jul. 16, 7:02 AM
    • Blackstone (NYSE:BX): Q2 EPS of $0.43 misses by $0.07.
    • Revenue of $1.2B (-46.4% Y/Y) misses by $110M.
    • Press Release
  • Wed, Jul. 15, 5:30 PM
  • Tue, Jul. 14, 4:49 AM
    • The nation's largest banks report their second-quarter results this week, beginning with JPMorgan (NYSE:JPM) and Wells Fargo (NYSE:WFC) today.
    • Bank of America (NYSE:BAC) and Goldman Sachs (NYSE:GS) are due to report later in the week, along with private equity firm Blackstone (NYSE:BX) and asset manager BlackRock (NYSE:BLK).
    • Despite the stable economy in the U.S., analysts are expecting relatively ho-hum results.
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  • Mon, Jul. 13, 7:37 AM
    • Shifting from rapid expansion - Blackstone's (NYSE:BX) Invitation Homes scooped up more than $9B in U.S. housing since the property bust - to fine-tuning its holdings, the company has agreed to sell about 1.3K Atlanta homes which don't fit its strategy.
    • “It’s that stage in our lives where we’re now in a position of looking at dispositions as an active part of portfolio balance,” says Invitation CEO John Bartling, adding to expect the company to sell 5% of the portfolio each year. Bartling declined to comment on any IPO plans, though the sale is the sort of thing a company might do to clean things up ahead of an offering.
    • Most of the Atlanta homes being sold are worth less than the average Blackstone home - for landlords, that's code for higher turnover, higher maintenance, and a tougher time collecting rent.
    • Invitation continues to buy homes, and will own about 48K of them after the sale.
    • Source: Reuters
  • Mon, Jul. 6, 8:19 AM
    • Linn Energy (LINE, LNCO) says private capital investor Quantum Energy Partners agrees to initially commit up to $1B to fund selected future oil and natural gas acquisitions and the development of acquired assets.
    • According to the terms, Linn will have the ability to participate in all acquisition opportunities with a direct working interest ranging from 15% to 50%.
    • Also, Blackstone's (NYSE:BX) GSO Capital Partners agrees to commit up to $500M to fund drilling programs on locations provided by Linn.
    • According to these terms, GSO will fund 100% of the costs associated with the new wells drilled and will receive an 85% working interest until it achieves a 15% IRR on annual groupings of wells.
  • Mon, Jul. 6, 7:56 AM
    • Zhang Liping comes over from Credit Suisse, where he was co-CEO of Greater China. At Blackstone (NYSE:BX) he will become a senior managing director and chairman of Greater China. He's filling a role which has been vacant since Antony Leung exited in 2013 to join a Hong Kong real estate company.
    • Zhang has led a number of IPOs by major Chinese state-owned companies, and China Investment Corp. (the country's SWF fund) is a major Blackstone investor.
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  • Tue, Jun. 30, 7:46 AM
    • Blackstone (NYSE:BX) purchased the U.S. security services provider seven years ago. Today's buyer is Wendel SE, and the deal is expected to close before year-end.
    • Source: Press Release
  • Wed, Jun. 24, 3:05 PM
    • The listing of Fidere Patrimonio, a REIT owned by Blackstone (NYSE:BX) that groups units of rent-controlled housing in Madrid and Barcelona, will list its shares on Spain's alternative stock market MAB next week.
    • Blackstone's unit scooped up units from city and regional governments looking to raise cash during the economic crisis. The P-E firm's move to sell comes just days after the Madrid city council changed hands, with the leftist government vowing to reverse the post-crisis wave of housing evictions.
    • Fidere owns 2,688 properties with a value of €212M.
    • Source: Reuters
  • Mon, Jun. 22, 3:21 PM
    • Blackstone (BX -0.5%) has purchased the retail mall and parking garage at Sky View Parc, a mixed-use complex in Flushing, Queens, reports Crain's. It's the company's first acquisition in fast-growing Flushing.
    • The mall totals about 560K square feet and is fully occupied by major retailers.
    • This is another step in the comeback of the once-troubled project, and shows growing interest by big-league outfits in the periphery of NYC.
  • Tue, Jun. 16, 2:57 PM
    • An earlier report from Reuters has Blackstone (NYSE:BX) and The Carlyle Group (NASDAQ:CG) making a joint bid to take out NCR for more than $10B, and NCR is up 10.7% on the news. Also mulling a bid are Apollo Global (NYSE:APO) and Thoma Bravo, according to Reuters.
    • Previously: NCR +14.8%; Blackstone, Carlyle reportedly making joint bid (June 16)
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Company Description
Blackstone Group LP is an alternative asset manager. It also provides financial advisory services, including corporate and mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services.
Sector: Financial
Country: United States