Welcome to our dedicated page for Blackstone news (Ticker: BX), a resource for investors and traders seeking the latest updates and insights on Blackstone stock.
Blackstone Inc. manages alternative investment strategies across private equity, real estate and real assets, credit and insurance, and other alternatives for institutional, insurance and individual investors. News about BX commonly covers operating and financial results, realization activity, dividend announcements, fund and platform launches, and investments made through Blackstone-affiliated strategies.
Recurring developments include Blackstone Real Estate Debt Strategies lending activity, Blackstone Life Sciences financings, energy-transition and power-generation investments, data-center and digital-infrastructure initiatives, and partnerships tied to enterprise technology and AI deployment. Coverage also reflects capital formation, portfolio-company activity and updates from public vehicles connected to Blackstone platforms.
Air Control Concepts (AIR), formerly Hobbs & Associates, has announced a new equity investment partnership with Blackstone. This collaboration includes existing investors Madison Dearborn Partners (MDP) and AIR's management team. AIR, headquartered in Norfolk, Virginia, supports leading commercial HVAC OEMs across the United States, operating under various brands.
Brad Hobbs, Founder, President and CEO of AIR, expressed enthusiasm about the partnership, emphasizing the benefits for vendors, customers, and employees. Blackstone's representatives highlighted their sector experience and commitment to AIR's growth. MDP executives reaffirmed their support for AIR's expansion plans.
The existing management team will continue to lead AIR, with management and employees retaining significant ownership. The investment terms were not disclosed. This partnership aims to accelerate AIR's growth while maintaining its foundational values and operational excellence.
Blackstone (NYSE: BX) has appointed Tyler Dickson as the Global Head of Client Relations for Blackstone Credit & Insurance (BXCI). Dickson, who has extensive experience from his tenure at Citi as the Global Head of Investment Banking and Vice Chair of Banking & International, will lead BXCI's Institutional Client Solutions team and partner on origination efforts globally. Dickson brings three decades of industry experience and will play a key role in serving clients across the credit spectrum. His appointment follows strong growth in BXCI, which has doubled to $330 billion in assets under management over the past three years.
Additionally, BXCI announced new leadership roles earlier this year with Dan Leiter as Head of International and Philip Sherrill as Global Head of Insurance, amplifying their focus on international business and insurance assets, which recently exceeded $200 billion in assets under management.
Blackstone Real Estate Partners X has finalized the privatization of Apartment Income REIT Corp. (AIRC) in a transaction valued at approximately $10 billion, including debt assumption. Shareholders of AIRC received $39.12 per share in cash. Financial advisors for Blackstone included BofA Securities, Barclays, BMO Capital Markets, Deutsche Bank Securities, Goldman Sachs, J.P. Morgan, Morgan Stanley, SG Americas Securities, and Wells Fargo, with Simpson Thacher & Bartlett LLP as legal counsel. Citigroup Global Markets advised AIRC, with Skadden, Arps, Slate, Meagher & Flom LLP serving as legal counsel. The transaction was first announced on April 8, 2024.
Blackstone Real Estate and MRP Group have increased their all-cash tender offer for Terrafina's real estate trust certificates to Ps.40.50 per certificate, up by Ps.1.00. This offer represents a 27% premium over the December 4, 2023 closing price and more than 10% over the June 7, 2024 price. The tender offer provides immediate value to shareholders, avoiding potential tax consequences from competing offers. The Mexican antitrust authority, COFECE, has approved the offer, which does not require financing conditions or additional approvals. The offer expires on July 24, 2024, with settlement expected by July 31, 2024, contingent upon acceptance by holders of at least 50% plus one of the outstanding certificates.
Blackstone Real Estate and MRP Group have increased their all-cash tender offer for Terrafina real estate trust certificates to Ps.39.50 per certificate, up by Ps.1.00 from the initial offer. This offer represents a 24% premium over Terrafina's price on December 4, 2023, and an 8% premium over its price on June 7, 2024. The offer is the only all-cash tender offer available, providing immediate, substantial value with no tax consequences associated with exchange offers. The Comisión Federal de Competencia Económica (COFECE) has approved the offer unconditionally. The tender offer is valid until July 17, 2024, with a settlement date expected on July 24, 2024. Completion is contingent on acceptance by holders of at least 50% plus one of the outstanding Terrafina certificates.
Blackstone (NYSE:BX) has successfully completed the acquisition of Tropical Smoothie Cafe, a leading fast-casual restaurant franchisor, from Levine Leichtman Capital Partners. This is the first transaction under Blackstone’s latest flagship private equity fund. The acquisition aims to leverage Blackstone’s capital and resources to accelerate Tropical Smoothie Cafe’s national expansion and innovation.
Tropical Smoothie Cafe's CEO Charles Watson highlighted that 2024 will focus on operational excellence, menu innovation, and enhancing the digital guest experience. Additionally, Nigel Travis, Former CEO of Dunkin’ Brands, will serve as Chairman of the Board.
Financial details of the transaction were not disclosed. Barclays and Simpson Thacher & Bartlett LLP advised Blackstone, while Baird, North Point, BofA Securities, and Kirkland & Ellis LLP advised Tropical Smoothie Cafe.
Blackstone Real Estate and MRP Group have started an all-cash tender offer for Terrafina's real estate trust certificates at Ps.38.50 per certificate.
This represents a 21% premium over the unaffected price on December 4, 2023, and a 5% premium over the June 7, 2024 closing price.
The offer aims to buy up to 100% of Terrafina's certificates, providing immediate and certain value to shareholders. COFECE has approved the offer unconditionally, and it is not subject to financing or additional board and shareholder approvals.
The offer expires on July 10, 2024, at 14:00 Mexico City time, unless extended.
Blackstone (NYSE:BX) announced that its Chairman, CEO, and Co-Founder, Stephen Schwarzman, will present at Morgan Stanley’s US Financials, Payments, and CRE Conference. The presentation is scheduled for Tuesday, June 11, 2024, at 12pm ET. A live webcast will be accessible via Blackstone's website, with a replay available shortly after the event.
Blackstone Real Estate has agreed to sell Turtle Bay Resort for $725 million, which it bought in 2018 for $332 million and invested heavily in renovations. The sale will bring total proceeds to $768 million, including a recent land sale to Areté Collective. The transaction showcases Blackstone's ability to enhance luxury hospitality assets and is expected to close in Q3 2024. Turtle Bay Resort, one of the largest employers on O'ahu's North Shore, features 450 rooms and underwent significant upgrades under Blackstone's ownership.
Blackstone announced a definitive agreement to acquire a majority stake in Priority Software, a leading provider of ERP and business software solutions. Existing investors TA Associates and Fortissimo Capital will retain their stakes. Priority Software serves over 17,000 customers with more than 300,000 end users across various industries, supported by a global network of 100+ partners. The acquisition aims to bolster Priority Software’s growth and market position, leveraging Blackstone's experience and portfolio of over 230 companies. The transaction terms were not disclosed.