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The Blackstone Group L.P. (BX)

  • Fri, Mar. 6, 6:01 PM
    • Crain's Chicago Business reports Blackstone (NYSE:BX) has "a preliminary agreement to pay almost $1.5 billion" to buy Willis Tower (once known as Sears Tower). The price is equal to nearly $400/sq. foot for the Chicago landmark's 3.8M sq. feet of office space, and well above the $840M paid by Willis' current owners in 2004.
    • The paper notes Willis Tower generates revenue not only from its office space, but also from its 103rd-floor Skydeck, retail/restaurant space, and broadcast space/antennas, as well as the sale of its naming rights to tenant Willis Group. Property broker Eastdil, hired to find a buyer for the tower, argues a new owner could generate extra naming rights revenue - Willis pays a below-market $1M/year - and also from selling Skydeck naming rights.
    • In February, Blackstone struck a deal with RXR Realty to buy a ~50% stake in 6 NYC-area office buildings collectively valued at $4B.
  • Mon, Feb. 2, 3:10 AM
    • Holcim (OTCPK:HCMLY) and Lafarge (OTCPK:LFRGY) have moved a step closer toward obtaining regulatory approval for their merger after the two confirmed plans to sell assets to Irish building supplies group CRH (NYSE:CRH) for $7.34B.
    • CRH was a finalist in an auction for the assets, battling in the past few days with a consortium led by Blackstone (NYSE:BX).
    • The new company created from Lafarge and Holcim's merger will become the world's biggest cement maker with $44B in annual sales.
    • Previously: CRH, Blackstone said to consider purchasing Lafarge-Holcim assets (Jan. 22 2015)
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  • Thu, Jan. 22, 11:13 AM
    • Trading in CRH (CRH +2.9%) is halted after Reuters reports that the Irish building materials company and a consortium led by Blackstone (NYSE:BX) will battle for the assets which Lafarge (OTC:LFGEF) and Holcim (OTCPK:HCMLF) must sell ahead of their planned merger, Reuters reports.
    • A source reportedly considers CRH the front runner after placing the highest offer for the assets with a €6B bid ($6.9B).
    • France's Lafarge and Swiss peer Holcim announced merger plans last year that would create the world's biggest cement maker with $44B in annual sales.
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  • Dec. 8, 2014, 7:44 AM
    • The 26 office buildings were part of the Equity Office Properties Trust which Blackstone (NYSE:BX) acquired for $39B in 2007. They are being sold to Hudson Pacific Properties (NYSE:HPP) for $3.5B, with Hudson is paying just $1.75B, and making Blackstone a 48% owner of the company.
    • HPP -0.7% premarket
  • Nov. 21, 2014, 6:49 AM
  • Nov. 19, 2014, 1:51 AM
    • Australia’s Orica (OTCPK:OCLDY) has agreed to sell its chemical business to Blackstone (NYSE:BX) for A$750M ($653M).
    • The deal will allow Orica to concentrate on producing explosives for the mining industry, which accounts for the vast majority of its profits.
    • Orica booked a 1.7% rise in net profit for the year through September to A$602.5M.
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  • Nov. 4, 2014, 3:00 AM
    • Singapore’s Government Investment Corp is leading a consortium to purchase Blackstone's (NYSE:BX) IndCor for about $8B including debt.
    • IndCor was formed in 2010 as a portfolio company of Blackstone and has a footprint of warehouses and distribution centers across the U.S.
    • IndCor announced in September that it had filed with the SEC for an IPO.
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  • Sep. 12, 2014, 12:39 PM
    • Blackstone (BX -1%), Bain Capital, and Comcast's (CMCSA) NBCUniversal purchased Weather Channel in 2008 for about $3.5B, and they've reached out to bankers to discuss strategic options, including a possible sale, reports Bloomberg.
    • A cable network could be a possible buyer of Weather Channel, while the company's weather data could be sold separately, according to one of Bloomberg's sources. Together, the businesses have a value of at least $3.5B, says the source.
    • Available in more than 100M U.S. homes, Weather Channel averaged 214K daily viewers in 2013, down from 264K in 2011.
    • Previously: WSJ: Hilton helps Weather Channel, DirecTV resolve difference
  • Aug. 18, 2014, 1:44 AM
    • Private equity firms The Blackstone Group (NYSE:BX) and TPG Capital are closing in on deal to purchase subprime mortgage lender Kensington, Sky News reports.
    • Kensington is owned by Investec (OTC:IVTJY), which bought the company for £283M ($473M) in 2007 just as the financial markets began to seize up.
    • The takeover has not yet been finalized, but insiders say the deal is likely to be announced this week.
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  • Aug. 14, 2014, 8:53 AM
    • Blackstone (NYSE:BX) and its Vine Oil & Gas partnership confirm an agreement to acquire Royal Dutch Shell’s (RDS.A, RDS.B) Haynesville assets for $1.2B.
    • The assets comprise more than 107K net acres in north Louisiana in the core of the Haynesville Shale natural gas shale basin.
    • Combined with the just announced sale of Pinedale gas assets in Wyoming, Shell amassed $2.1B in cash and added acreage in the Marcellus and Utica shale plays in Pennsylvania.
  • Aug. 11, 2014, 1:44 AM
    • Blackstone (NYSE:BX) is nearing a deal to buy Royal Dutch Shell's (RDS.A, RDS.B) 50% stake in the Haynesville Shale formation for $1.2B.
    • The gas field lies under large parts of Louisiana and Texas, and is also 50% owned by Encana (NYSE:ECA).
    • A deal would add to Blackstone's energy holdings in Louisiana. In February 2012, Blackstone agreed to invest $2B in Cheniere Energy Partners, helping the company construct a gas-liquefaction plant in Louisiana for export markets.
  • Jul. 22, 2014, 3:55 AM
    • Blackstone (NYSE:BX) has agreed to buy U.K real estate business Max Property for £414M ($707M) in cash. Max Property focuses its operations on property flipping - reselling buildings at a profit after renovations or improvements.
    • The acquisition will be executed by Marina Topco, a group controlled by Blackstone Real Estate Partners Europe.
    • Currently, Blackstone manages $80.4B of total real estate assets, including about $10B of debt.
  • Jul. 17, 2014, 4:28 AM
    • Confirming an earlier report, Blackstone (NYSE:BX) has purchased a €6.4B pool of property loans owned by Spain's bailed-out Catalunya Banc for €3.6B ($5B). Almost half of the mortgage portfolio is in default.
    • Spain's bank restructuring fund - the FROB - put €572M into the deal, hoping to trim the size of the bank to make it easier to sell.
    • BX +8.6% premarket
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  • Jul. 11, 2014, 3:41 AM
    • 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.
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  • May. 12, 2014, 6:49 AM
    • Hillshire Brands (HSH) has agreed to acquire Pinnacle Foods Inc (PF) for $6.6B in cash and stock, including debt.
    • Hillshire is offering $36.02 a share, or an 18% premium to Pinnacle Foods' close of $30.45 on Friday.
    • Blackstone (BX), which holds approximately 51% of Pinnacle Foods, backs the transaction. (PR)
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  • Apr. 4, 2014, 12:02 PM
    • Blackstone (BX +0.3%) seals the deal to buy industrial-products maker Gates Global from Onex (ONEXF +0.9%) and the Canada Pension Plan Investment Board for $5.4B, reports Bloomberg, which says the official announcement could come later today.
    • It would be Blackstone's biggest private-equity deal since taking over Hilton Worldwide in 2007.
    • Blackstone has seemingly been more seller than buyer of late as soaring stock markets make public valuations pricier than private ones. At $5.4B, Blackstone would be paying 9.6x Gates' adjusted EBITDA. Gates had filed to go public last December.
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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