Wednesday, 1 July 2015
Last updated 2 hours ago
May 21 2007 | 11:11am ET
Buoyed by a $3 billion investment from the Chinese government, the Blackstone Group increased the size of its proposed initial public offering by 20% today.
The New York-based private equity giant said in a regulatory filing today that it will sell up to 153.3 million shares for between $29 and $31 dollars each in a listing on the New York Stock Exchange. At the high end, the IPO could net Blackstone $4.75 billion, valuing the firm at $33.6 billion.
Blackstone’s founders, Stephen Schwarzman and Peter Peterson, will remain majority owners of the firm after agreeing to sell almost $8 billion of it over the past two days.
Yesterday, the firm struck a deal with the Chinese government, whose soon-to-be-founded State Investment Co. will take a non-voting 10% stake in the firm for its $3 billion.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…