Friday, 30 January 2015
Last updated 13 hours ago
Sep 30 2010 | 8:45am ET
The Blackstone Group is expanding its footprint in Latin America with the purchase of a 40% stake in a Brazilian alternative asset manager.
Blackstone announced today that it took a minority stake in Patria, and together the two firms would work to build their businesses in Brazil and throughout South America.
The transaction is expected to close on Oct. 1. Details of the deal were not disclosed by either firm, but Brazilian newspaper Valor Economico is reporting that Blackstone paid $200 million for the stake.
“Partnering with Patria will enable Blackstone’s limited partners and advisory clients to benefit from the fast expanding business opportunities in the country, as well as from Patria's deep knowledge of the local market," said Stephen Schwarzman, chairman and chief executive officer of Blackstone. "We envisage us both taking advantage of a wide spectrum of opportunities ranging from financial advisory services to real estate, private equity, capital management and infrastructure”
Luiz Otavio Magalhães, founding partner and CEO of Patria, added that “we are very pleased to announce this agreement. It represents one of the most significant partnerships to be established in Brazil’s financial industry. We are delighted to be working closely with Blackstone, whose core values we share.”
Jan 23 2015 | 1:00pm ET
In our new section, FINtech Focus, we will profile one of these firms each week. While fintech is a broad category, we will be focusing on firms that specifically cater to the alternative investment industry. Read more…