By Alex Steblinina. Blackstone Group LP will acquire GSO Capital Partners LP for $930 million and repurchase shares for as much as $500 million, the asset management firm said Thursday.
The company will pay $620 million in advance in cash and stock and up to an additional $310 million over the next five years based on meeting certain earnings targets, the AP reports.
Blackstone Group L.P. is a private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman.
The company is based in New York City, with offices in Atlanta, Boston, London, Hamburg, Paris, Mumbai and Hong Kong.
One of the world's largest private equity firms, it is part of the migration of companies from public to private hands — a total of some US$370 billion in deals in the United States in 2006.
In recent years Blackstone has made significant investments in the hotel and commercial real estate industries by buying and taking private seven large publicly-traded firms.
The head of Russian Technologies, Sergei Chemezov, clarified the fate of anti-aircraft guided missiles that Russia was supposed to deliver to China
The Basmanny Court of Moscow arrested Michael Calvey, the founder of Baring Vostok investment fund, on allegations of embezzling 2.5 billion rubles from Vostochny Bank. Calvey will be held in custody until April 13