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.
Blackstone Real Estate and MRP Group have extended their all-cash tender offer for Terrafina (BMV:TERRA 13) until August 2, 2024. The offer of Ps.40.50 per certificate for up to 100% of outstanding certificates represents a 27% premium over the December 4, 2023 price and a 10% premium to the June 7, 2024 closing price. The offer requires acceptance by holders of at least 50% plus one of outstanding certificates.
Key points:
- Offer extended to August 2, 2024, at 14:00 Mexico City time
- Expected settlement date: August 9, 2024
- COFECE has unconditionally approved the tender offer
- No financing condition or additional approvals required
Blackstone Real Estate and MRP Group have extended their all-cash tender offer for Terrafina (BMV:TERRA 13) until July 31, 2024. The offer of Ps.40.50 per certificate represents a 27% premium over the unaffected price on December 4, 2023, and a 10% premium to the closing price on June 7, 2024. The offer requires acceptance by holders of at least 50% plus one of outstanding certificates. COFECE has unconditionally approved the tender offer, which is not subject to financing conditions or additional approvals. The settlement date is expected to be August 7, 2024, unless extended. Blackstone Real Estate, with a track record of over 50 successful public company transactions, aims to provide immediate value to Terrafina's shareholders while avoiding potential tax consequences associated with competing exchange offers.
Blackstone Real Estate and MRP Group have extended their all-cash tender offer for Terrafina (BMV:TERRA 13) until July 29, 2024. The offer of Ps.40.50 per certificate represents a 27% premium over the unaffected price on December 4, 2023, and a 10% premium to the closing price on June 7, 2024. The offer requires acceptance by holders of at least 50% plus one of outstanding certificates. COFECE has unconditionally approved the tender offer, which is not subject to financing conditions or additional approvals. The expected settlement date is August 5, 2024, unless extended.
Blackstone Real Estate and MRP Group have extended their all-cash tender offer for Terrafina (BMV:TERRA 13) until July 25, 2024. The offer of Ps.40.50 per certificate for up to 100% of outstanding certificates represents a 27% premium over the unaffected price on December 4, 2023, and a 10% premium to the closing price on June 7, 2024.
The offer requires acceptance by holders of at least 50% plus one of outstanding certificates. The Mexican antitrust authority (COFECE) has unconditionally approved the tender offer, which is not subject to financing conditions or additional approvals. The expected settlement date is August 1, 2024, unless extended.
Blackstone (NYSE: BX) has announced its intention to acquire Trystar, a leading provider of electrical equipment for backup power solutions. Trystar specializes in designing and manufacturing critical electrical power solutions for various sectors including data centers, industrial, commercial, healthcare, and utilities. The acquisition aligns with Blackstone's focus on energy transition investments and aims to leverage its global scale and expertise to enhance Trystar's market position.
The deal is expected to capitalize on growing demand for electricity and increased prioritization of on-site power resiliency. Blackstone sees Trystar's innovative solutions as well-positioned to benefit from these market trends. The partnership aims to build a leading platform serving the distributed power generation market and facilitate the energy transition.
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.