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 (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.
Blackstone, a leading global investment firm, has announced that Jon Gray, its President and Chief Operating Officer, will present at Bernstein's 40th Annual Strategic Decisions Conference. The presentation is scheduled for Wednesday, May 29, 2024, at 10:00am ET. A live webcast of the presentation will be accessible via the Shareholders section of Blackstone's website. For those who cannot attend the live session, a replay will be available on the website shortly after the event.
Blackstone (NYSE:BX) announced the launch of Uniquity Bio, a clinical-stage drug development company specializing in immunology and inflammation. Blackstone has committed $300 million in financing to advance Uniquity Bio's lead asset, solrikitug, a monoclonal antibody targeting TSLP. The FDA has accepted Uniquity Bio's Phase 2 IND application for solrikitug, which will be tested in chronic obstructive pulmonary disease (COPD) and asthma. These conditions affect millions globally, with COPD being the third leading cause of death worldwide. Solrikitug, in-licensed from Merck, aims to provide best-in-class efficacy for unmet needs in respiratory and GI indications. Uniquity Bio's leadership team combines global pharma standards with biotech agility, supported by Blackstone’s capital and expertise.
Blackstone Secured Lending Fund (NYSE: BXSL) announced a public offering of $400 million in 5.875% unsecured notes due 2027. The notes will mature on November 15, 2027, and can be redeemed in part or whole at BXSL's discretion.
The net proceeds are intended for general corporate purposes, including investments and debt repayment. The offering is expected to close on May 20, 2024, subject to customary conditions. Joint book-running managers include Citigroup, Barclays, Goldman Sachs, RBC Capital Markets, and SMBC Nikko Securities America.
Investors are advised to review the prospectus and related documents for details on investment objectives, risks, charges, and expenses. The offer is based on a shelf registration statement filed with the SEC.
Blackstone (BX) appoints Philip Sherrill as Global Head of Insurance, focusing on growing the firm's insurance platform globally, leveraging scale to serve clients and drive performance. The platform has tripled in size since 2020, exceeding $200 billion in assets under management. Sherrill brings extensive experience from Global Atlantic Financial Group and Goldman Sachs.
Blackstone Real Estate Partners X and Blackstone Real Estate Income Trust, Inc. have completed the privatization of Tricon Residential Inc. for a total equity transaction value of $3.5 billion. Tricon remains committed to developing new single-family homes and apartments in the U.S. and Canada, with plans to invest $1 billion in capital projects. The partnership aims to enhance the quality of existing homes and provide affordable housing. The transaction involves a cash offer of $11.25 per Common Share. Blackstone will maintain an 11.6% ownership stake post-closing. The Common Shares are expected to be de-listed from NYSE and TSX on May 2, 2024, with Tricon ceasing to be a reporting issuer. Detailed information on the Transaction is available in the Circular and on SEDAR+ and SEC websites.