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Mon, Jan. 11, 4:12 PM
- Blackstone (NYSE:BX) could have interest in entering the nontraded REIT business, says FBR's Daniel Altscher, and buying NorthStar Asset Management (NYSE:NSAM) could be a way in.
- As for Apollo Global (NYSE:APO), Altscher reminds it tried, but failed to buy AR Capital last year.
- Other possible suitors include traditional asset managers, brokers, sovereign wealth funds, PE funds, and insurance companies.
- NorthStar's "stable income stream" could be used to support a far higher debt level, says Altscher, and the sale price could end up being at a meaningful premium to the current level. The stock gained 11% today, but is off more than 40% Y/Y.
- As for NorthStar Realty Finance (NYSE:NRF) and NorthStar Realty Europe (NYSE:NRE), a sale of either is unlikely, says Altscher.
- Previously: Strategic alternatives at NorthStar Asset Management; stock up 3.3% (Jan. 11)
Dec. 8, 2015, 7:03 PM
- Blackstone (NYSE:BX) is buying 32 multi-family properties from Greystar Real Estate Partners for $2B. The buildings contain 10,399 units, and are in California, Florida, New York, Washington, and other states. Greystar will continue overseeing the properties.
- Following the deal, Blackstone will own 57K apartment units altogether. The P-E firm has been on an apartment-buying spree, as it looks to profit from growing rents amid declining homeownership rates. In October, Blackstone inked a $5.3B deal to buy Manhattan's 11.2K-unit Stuyvesant Town-Peter Cooper Village complex.
Nov. 23, 2015, 7:53 AM
- General Electric (NYSE:GE) has agreed to sell its $5.9B portfolio of U.K. home loans to an investment consortium led by Blackstone (NYSE:BX), TPG Special Situations Partners and CarVal Investors.
- The transaction represents the sale of almost all of GE's remaining U.K. mortgage business, and marks another step to sell most of the company's finance assets.
- When completed, the deal will contribute about $0.4B of capital to the overall target of approximately $35B of dividends expected to be paid to GE shareholders (subject to regulatory approval).
Nov. 16, 2015, 8:02 AM
- Facility management group GCA Services provides janitors and cleaners to schools, airports, warehouses, power stations, rental car locations, and the like. The private equity arm of Goldman Sachs (NYSE:GS) and Thomas H. Lee will have an equal stake in a group buying GCA from Blackstone (NYSE:BX) for about $1B, reports Reuters.
- GCA gets most of its business from the education sector and could benefit as more school districts outsource facility management (currently less than 20% is outsourced).
- Blackstone acquired GCA from another P-E firm in 2012 for about $600M.
Oct. 28, 2015, 7:55 PM
- With IBM taking on the digital and data assets of The Weather Company, what happens to The Weather Channel that it's leaving behind?
- It's struggling, but it will pursue storm coverage as a "hyper-local streaming service," according to channel CEO Dave Shull. "We are continuing to invest in our strategic partnerships with our distributors, advertisers, and emerging technology start-ups."
- The network will continue as its own company -- still owned in part by NBCUniversal (CMCSA +0.7%) along with Bain Capital and Blackstone (BX +1.2%) -- and has a long-term deal to use the services it sold to IBM. It's also still one of the most distributed channels on pay TV; Shull says more than half of America tunes in at least once a week.
- Comcast's recent earnings filing shows its investment in the channel has been marked down to $81M after a $252M impairment charge.
- Previously: IBM confirms Weather Co. deal, touts cloud/analytics synergies; shares rise (updated) (Oct. 28 2015)
- Previously: WSJ: IBM near $2B-plus deal for The Weather Company assets (Oct. 27 2015)
Oct. 27, 2015, 8:28 PM
- IBM is nearing a deal in excess of $2B to acquire the digital and data assets of The Weather Co., owner of the Weather Channel, The Wall Street Journal is reporting.
- The company -- owned in part by NBCUniversal (NASDAQ:CMCSA) along with Bain Capital and Blackstone (NYSE:BX) -- started hiring banks to seek a buyer in August for a deal it hoped would hit $3B. The company's digital bits were widely considered to be the most valuable.
- IBM has a particular interest in the company's forecasting group, WSI, the WSJ says -- a unit that's chock full of tech and weather data that the Weather Co. licenses to various businesses.
- The deal would reportedly come with Weather Co. CEO David Kenny, who would join IBM.
- A $2B deal would be a discount over the company's 2008 sale price, valued at $3.5B. IBM shares fell 4.1% today.
- Previously: IBM eyes digital assets of The Weather Company (Oct. 19 2015)
- Previously: Weather Channel hires banks to explore sale for up to $3B (Aug. 20 2015)
Oct. 19, 2015, 6:43 PM
- The WSJ reports Blackstone (NYSE:BX) is nearing a $5.3B deal to buy Manhattan's giant Stuyvesant Town-Peter Cooper Village apartment complex. The NYT reports the price is roughly $5.4B.
- Bloomberg recently reported Blackstone was among the companies interested in "Stuy Town," which houses 30K people in 11.2K units spread out over 80 acres of land. Loan servicer CWCapital, owned by Fortress Investment Group (NYSE:FIG), has been in control of the property on behalf of bondholders.
- About 5K of Stuyvesant Town's units are rent-stabilized. New York will contribute $225M to help keep the units affordable to lower-income families for the next 20 years.
Oct. 19, 2015, 8:26 AM
- The Weather Company is in advanced talks with IBM about the sale of its digital assets, Re/code reports, stating that a number of different parties have been discussing the purchase of either parts or all of its assets.
- Those include: The product and technology division, the television business (with the Weather Channel) and a large meteorological team.
- The Weather Company is currently owned by the Blackstone Group (NYSE:BX), Bain Capital and NBC Universal (NASDAQ:CMCSA). The trio paid $3.5B for the firm in 2008.
Oct. 8, 2015, 7:20 AM
- Blackstone Real Estate Partners VIII (NYSE:BX) agrees to purchase BioMed Realty Trust (NYSE:BMR) for $23.75 per share in cash. The stock closed last night at $21.58, and at $19.21 on Sept. 22, just ahead of a media leak which reported the possible sale.
- The deal is expected to close in Q1.
- Previously: Bloomberg: BioMed exploring sale, with interest from Blackstone (Sept. 23)
- Previously: Blackstone: More REIT buyouts on the way (Oct. 1)
Oct. 1, 2015, 3:17 PM
- There's a disconnect and that creates opportunities for us," says Blackstone (BX -0.9%) global real estate chief Jon Gray, speaking about the gaping hole between the net asset values and stock prices for much of the REIT sector.
- Blackstone, of course, stepped right into that gap last month with an agreement to buy Strategic Hotels (NYSE:BEE) for $6B. The P-E giant also is reportedly sniffing around BioMed Realty Trust (BMR +1.4%).
- The iShares Dow Jones U.S. Real Estate ETF (NYSEARCA:IYR) is off about 15% since its 2015 peak in late January. How about the gap in Blackstone? It's stock is lower by about 30% since Memorial Day.
- Previously: Frustrated Schwarzman argues higher valuation for Blackstone (Sept. 4)
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
Sep. 8, 2015, 8:46 AM
- Strategic Hotels & Resorts (NYSE:BEE) had more or less put itself on the block this summer, and the buyer for $14.25 per share in cash is Blackstone (NYSE:BX).
- The stock's higher by 3.7% premarket to $14.10. The $14.25 deal price is roughly 13% above the price on July 23 when the first media report of a potential sale hit.
Aug. 21, 2015, 6:10 PM
- Blackstone (NYSE:BX) is taking a majority stake in California-based wholesale/retail mortgage lender Stearns Holdings.
- Terms weren't disclosed. "We chose Stearns to be our partner because it is a leader in the mortgage market with a world-class management team and a strong platform," said Blackstone's Chinh Chu.
- Stearns Lending has more than 1,700 employees and is the top wholesale lender nationwide; over the past four years, it says its companies have funded $46B across 187,762 loans. It booked $521.7M in revenues last year.
- Blackstone was up fractionally after hours, after declining 1.7% today.
Aug. 20, 2015, 3:39 PM
- The Weather Channel is hoping some buyer can make it rain, as it's reportedly hired J.P. Morgan and PJT Partners to seek a sale for up to $3B.
- The network -- owned in part by NBCUniversal (CMCSA -2.2%) along with Bain Capital and Blackstone (NYSE:BX) -- could sell as a whole or in parts. The digital pieces (websites, Weather Underground and several B2B sites) might be the most valuable.
- The 2008 deal to purchase the company was valued at $3.5B. It reportedly began interviewing banks last year.
- In its second-quarter earnings, Comcast said its net income included $252M of equity in net losses of investees resulting from its proportionate share of an impairment loss at The Weather Channel.
- Previously: Dish signs multi-year deal with Weather Channel, including Sling TV (Apr. 21 2015)
- Previously: Carriage dispute drops Weather Channel from Verizon FiOS (Mar. 10 2015)
- Previously: Weather Channel reportedly mulling strategic options (Sep. 12 2014)
Jun. 16, 2015, 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)
Apr. 20, 2015, 12:16 PM
- Among those GE is reportedly in talks to sell the $74B operation to is Wells Fargo (WFC +0.6%), according to a headline from the WSJ. Wells, along with Blackstone (NYSE:BX) was the buyer of nearly $30B of real estate-related assets from GE ten days ago.
- Previously: GE sets plan to exit almost all of GE Capital; launches $50B buyback (April 10)
Apr. 10, 2015, 8:15 AM
- Excel Trust (NYSE:EXL) agrees to a sale to Blackstone Property Partners (NYSE:BX) for $15.85 per share in cash, or about $2B.
- "With cap rates and REIT stock multiples approaching historic levels and we did not believe the market accurately reflected the value of the assets," says CEO Gary Sabin, and the board thus decided a sale to Blackstone was the best way to realize that value.
- EXL +14.7% premarket to $15.87.
- Previously: GE sets plan to exit almost all of GE Capital; launches $50B buyback (April 10)
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.
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