the blackstone group

8/13/2019 The Blackstone Group

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The Blackstone Group L.P.

Type Public

Traded as NYSE: BX

(http://www.nyse.com/about/listed/lcddata.html?

ticker=bx)

Industry Financial Services

Founded 1985

Founder(s) Peter G. Peterson

Stephen A. Schwarzman

Headquarters 345 Park Avenue

Manhattan, New York City, USAKey people Stephen A. Schwarzman

--Chairman and CEO

Hamilton James

--President & COO

J. Tomilson Hill

--Vice Chairman

Jonathan D. Gray

--Global Head of Real Estate

Products Private Equity

Investment Banking

Investment ManagementAsset Management

Revenue US$3.623 billion (2012)

Net income US$0.218 billion (2012)

AUM US$210 billion (2012)[1]

Total assets US$28.931 billion (2012)

Employees 1,585 (2012)

Website www.blackstone.com

(http://www.blackstone.com/)

The Blackstone GroupFrom Wikipedia, the free encyclopedia

The Blackstone Group L.P.is an American multinational

private equity, investment banking, alternative asset

management and financial services corporation based in New

York City. As the largest alternative investment firm in the

world,[2]Blackstone specializes in private equity, credit andhedge fund investment strategies, as well as financial advisory

services, such as mergers and acquisitions (M&A),

restructurings and reorganizations, and private placements.[3]

Blackstone's private equity business has been one of the largest

investors in leveraged buyout transactions over the last decade,

while its real estate business has actively acquired commercial

real estate. Since its inception, Blackstone has completed

investments in such notable companies as Hilton Worldwide,

Equity Office Properties, Republic Services, AlliedBarton,

United Biscuits, Freescale Semiconductor, Vivint[4]and

Travelport.[5]

Blackstone was founded in 1985 as a mergers and acquisitions

boutique by Peter G. Peterson and Stephen A. Schwarzman,

who had previously worked together at Lehman Brothers,

Kuhn, Loeb Inc. Over the course of two decades, Blackstone

has evolved into one of the world's largest private equity

investment firms.[2]In 2007, Blackstone completed a $4 billion

initial public offering to become one of the first major private

equity firms to list shares in its management company on a

public exchange.[6][7]Blackstone is headquartered at 345 Park

Avenue in Manhattan, New York City, with eight additional

offices in the United States, as well as offices in London, Paris,

Dsseldorf, Sydney, Tokyo, Hong Kong, Beijing, Shanghai,Mumbai, and Dubai.

Contents

1 Business segments

1.1 Corporate private equity

1.2 Real estate

1.3 Marketable alternative asset management

1.4 Financial advisory services

1.5 Technology: Innovations & Infrastructure

2 Criticism 2.1 Credit Default Swap

3 History

3.1 Founding and early history

3.2 1990s

3.3 Early 2000s

3.4 The Buyout Boom (2005-2007)

3.5 Initial public offering in 2007

3.6 Since 2008

4 See also

5 References

6 External links

Business segments

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Blackstone's headquarters at

345 Park Avenue, midtown

Manhattan, New York City

Blackstone is organized into four business segments:[3]

Corporate private equity - Management of Blackstone's family of private equity fundsinvesting in leveraged buyout transactions;

Investment Banking and Financial Advisory - Includes Blackstone's mergers andacquisitions advisory services, restructuring and reorganization advisory services andfund placement services for alternative investment funds;

Marketable Alternative Asset Management - Management of Blackstone's funds of

hedge funds, mezzanine funds, senior debt vehicles, and closed-end mutual funds; and Real Estate - Management of Blackstone's family of real estate investment funds.

Corporate private equity

As of 2011, Blackstone is the world's fifth-largest private equity firm by committed capital,

focussing primarily on leveraged buyouts of more mature companies.[6]The firm also invests

through minority investments, corporate partnerships and industry consolidations, and

occasionally, start-up investments in new entrants into existing industries. The firm focuses

on friendly investments in large capitalization companies.[3]

Blackstone's private equity business employs approximately 120 investment professionals in

New York City; London; Menlo Park, California; Mumbai; Hong Kong; and Beijing.

[5]

Historically, Blackstone has primarily relied on private equity funds, pools of committed capital from pension funds,

insurance companies, endowments, fund of funds, high net worth individuals, sovereign wealth funds and other institutional

investors.[8]As of the end of 2008, Blackstone had completed fundraising for six funds with total investor commitments of

over $36 billion, including five traditional private equity fund and a separate fund focusing on telecommunications

investments.

Following is a summary of Blackstone's private equity funds raised from its inception through the beginning of 2009:[9]

FundVintage

Year

Committed

Capital ($m)

Blackstone Capital Partners I 1987 $800

Blackstone Capital Partners II 1994 $1,270

Blackstone Capital Partners III 1997 $3,780

Blackstone Communications Partners I 2000 $2,019

Blackstone Capital Partners IV 2003 $6,450

Blackstone Capital Partners V 2006 $21,700

Blackstone Capital Partners VI 2010 $13,500

From 1987 to the time of its IPO filing in 2007, Blackstone invested approximately $20 billion in capital in 109 private

equity transactions.[3]

Blackstone's most notable investments include Allied Waste,[10]AlliedBarton Security Services, Graham Packaging,

Celanese, Nalco, HealthMarkets, Houghton Mifflin, American Axle, TRW Automotive, Catalent Pharma Solutions, Prime

Hospitality, Legoland, Madame Tussauds,[11]La Quinta, Luxury Resorts (LXR), Pinnacle Foods, Hilton Hotels Corporation,

Apria Healthcare, Travelport, The Weather Channel (United States) and The PortAventura Resort. In 2009 Blackstone

purchased Busch Entertainment (comprising the Sea World Parks, Busch Garden Parks and the 2 water parks).[12]

In 2012 Blackstone acquired a controlling interest in Utah-based Vivint, Inc., a home automation, security and energy

company.[13]

Former notable investments include Universal Studios Parks, which was sold to Comcast.

Real estate

Blackstone began building its real estate investment business in 1992 with the acquisition of a series of hotel businesses andhas built it into a global operation with 122 investment professionals in the United States, Europe and Asia. The real estate

business has raised approximately $28 billion for a variety of fund vehicles, including six US-focused funds and three




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International opportunity funds. Blackstone also raised a real estate special situations fund focusing on non-controlling debt

and equity investment opportunities. The special situations fund invests directly in real estate as well as private and publicly

traded real estate-related securities.[3][14]

The following is a summary of Blackstone's real estate funds raised from inception through November 2009:[9]

FundVintage

Year

Committed

Capital ($m)

Blackstone Real Estate Partners I 1994 $485

Blackstone Real Estate Partners II 1996 $1,300

Blackstone Real Estate Partners III 1999 $1,500

Blackstone Real Estate Partners International (Europe) 2001 800

Blackstone Real Estate Partners IV 2003 $2,500

Blackstone Real Estate Partners International (Europe) II 2006 1,550

Blackstone Real Estate Partners V 2006 $5,250

Blackstone Real Estate Partners VI 2007 $10,900

Blackstone Real Estate Special Situations PE Fund 2008 $1,000

Blackstone Real Estate Partners Europe III 2009 3,100

From 1987 through the time of its IPO filing in 2007, Blackstone invested more than $13 billion in 212 real estate

transactions and is a major owner of real estate throughout the US and Europe.[3]Among Blackstone's most notable real

estate investments have included Equity Office Properties, Hilton Hotels Corporation, Trizec Properties, Center Parcs UK,

La Quinta Inns & Suites, Wyndham Worldwide, Southern Cross Healthcare and Centro Properties.[15]

The purchase and subsequent profitable IPO of Southern Cross led to controversy in the UK. Part of the purchase involved

splitting the business into a property company, NHP, and a care home business, which Blackstone claimed would become

"the leading company in the elderly care market". In May 2011 Southern Cross, now independent, was almost bankrupt,

eopardising 31,000 elderly residents in 750 care homes. It denied blame, although Blackstone was widely accused in the

media for selling on the company with an unsustainable business model and crippled with an impossible sale and leaseback

strategy.[16][17]

After subprime mortgage crisis, Blackstone Group LP has bought more than $5.5 billion single-family homes for rent and

then sell when the prices rise.[18]

Marketable alternative asset management

Main article: GSO Capital Partners

In 1990, Blackstone created a fund of hedge funds business to manage the internal assets for Blackstone and its senior

managers. Over the years, this business evolved into Blackstone's marketable alternative asset management segment, which

was opened to institutional investors. Among the investments included in this segment are funds of hedge funds, mezzanine

funds, senior debt vehicles, proprietary hedge funds and closed-end mutual funds.[3]

In March 2008, Blackstone acquired GSO Capital Partners, a credit-oriented alternative asset manager, for $620 million in

cash and stock and up to $310 million through an earnout over the next five years based on certain earnings targets. The

combination of Blackstone and GSO created one of the largest credit platforms in the alternative asset management business,

with over $21 billion of total assets under management.[19]GSO was founded in 2005 by Bennett Goodman, Tripp Smith

and Doug Ostrover. The GSO team had previously managed the leveraged finance businesses at Donaldson, Lufkin &

Jenrette and later Credit Suisse First Boston, after the acquisition of DLJ. Blackstone had existing relationships with the

GSO team as an original investor in GSO's funds. Following the completion of the acquisition, Blackstone merged GSO's

operations with its existing debt investment operations.[20][21]

Financial advisory services

Blackstone's financial advisory business is composed of three businesses:[3]

Corporate and Mergers and Acquisitions Advisory

Restructuring & Reorganization Advisory

Private Placement Advisory




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History of private equity

and venture capital

Early history

(Origins of modern private equity)

The 1980s

(Leveraged buyout boom)

The 1990s

(Leveraged buyout and the venture capital bubble)

The 2000s

(Dot-com bubble to the credit crunch)

Blackstone was originally founded by Peterson and Schwarzman in 1985 as a boutique investment banking firm that

provides mergers and acquisitions advisory services. Among Blackstone's most notable corporate and mergers and

acquisitions, advisory clients include Microsoft, Procter & Gamble, Verizon, Comcast, Sony and AIG.[22][23]

In 1991, with the collapse of the 1980s buyout boom, Blackstone began to offer advisory services in corporate restructurings

as well. Blackstone's most notable restructuring clients have included General Motors[24]Xerox, Enron,[25]Bally Total

Fitness and Global Crossing.

Blackstone's fund placement advisory group, The Park Hill Group, was formed in 2005 with a team of professionals fromAtlantic-Pacific Capital and Credit Suisse. The group focuses on raising capital from institutional investors for private

investment vehicles that invest in private equity, mezzanine, real estate, venture capital, and hedge funds.[26]Park Hill Group

also provides secondary advisory services to investors seeking portfolio liquidity and unfunded commitment relief.[27]

Technology: Innovations & Infrastructure

A newer division of Blackstone is the Innovations and Infrastructure group, headed by William Murphy.[28][29]The purpose

of the division was to use innovative technology solutions to support, drive and improve Blackstone's business.

Criticism

Credit Default Swap

"In the first half of 2013, Blackstone affiliate GSO Capital Partners purchased debt and credit default swaps in Codere SA, a

listed Spanish company that operates betting parlors, online gambling sites and other gaming activities. GSO and another

firm later purchased a 100 million[30]bank loan (via secondary markets) that Codere already had on the books, and then

convinced Codere to delay repayment on the debt related to the aforementioned credit default swaps. That delay triggered

the CDS, resulting in upwards of $18.7 million in profit for GSO."[31]

History

Founding and early history

The Blackstone Group was founded in 1985 by Peter G. Peterson and Stephen

A. Schwarzman with $400,000 in seed capital.[32][33]The founders named their

firmBlackstone, which was a cryptogram derived from the names of the two

founders (Schwarzman and Peterson): Schwarzis German for black;Peter, or

Petrain Greek, means stone or rock.[34]The two founders had previously

worked together at Lehman Brothers, Kuhn, Loeb Inc. At Lehman,

Schwarzman served as head of Lehman Brothers' global mergers and

acquisitions business.

Prominent investment banker Roger C. Altman, another Lehman veteran, left

his position as a managing director of Shearson Lehman Brothers to join

Peterson and Schwarzman at Blackstone in 1987. In 1992 after playing a role

in the firm's growth, Altman would leave Blackstone to join the ClintonAdministration as Deputy Treasury Secretary. After leaving politics in 1996,

Altman would found a boutique investment banking and private equity firm,

Evercore Partners.[35][36]

Blackstone was originally formed as a mergers and acquisitions advisory

boutique. Blackstone advised on the 1987 merger of investment banks E. F.

Hutton & Co. and Shearson Lehman Brothers, collecting a $3.5 million fee.[37]

[38]The firm also advised CBS Corporation on its 1988 sale of CBS Records to

Sony to form what would become Sony Music Entertainment.[39]

From the outset in 1985, Schwarzman and Peterson planned to enter the private equity business, but had difficulty in raising

their first fund because neither had ever led a leveraged buyout.[40]Blackstone finalized fundraising for its first private

equity fund in the aftermath of the October 1987 stock market crash. After two years of providing strictly advisory services,Blackstone decided to pursue a merchant banking model after its founders determined that many situations required an

investment partner rather than just an advisor. The largest investors in the first fund included Prudential Insurance Company,

Nikko Securities and the General Motors pension fund.[41]




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Blackstone co-founder Peter

Peterson was former

chairman of Lehman

Brothers, Kuhn, Loeb Inc.

The Blackstone Group logo in use

prior to the firm's rebranding as

simply Blackstone

Blackstone also ventured into other businesses, most notably investment management. In

1987 Blackstone entered into a 5050 partnership with the founders of BlackRock, Larry

Fink and Ralph Schlosstein. The two founders, who had previously run the mortgage-backed

securities divisions at First Boston and Lehman Brothers Kuhn Loeb, respectively, initially

joined Blackstone to manage an investment fund and provide advice to financial institutions.

They also planned to use a Blackstone fund to invest in financial institutions and help build

an asset management business specializing in fixed income investments.[3][42]

As the business grew, Japanese bank Nikko Securities acquired a 20% interest in Blackstonein 1988 for a $100 million investment in 1988 (valuing the firm at $500 million). Nikko's

investment allowed for a major expansion of the firm and its investment activities.[43]The

growth firm also recruited politician and investment banker David Stockman from Salomon

Brothers in 1988. Stockman led many key deals in his time at the firm, but had a mixed

record with his investments.[44]He left Blackstone in 1999 to start his own private equity

firm, Heartland Industrial Partners, based in Greenwich, Connecticut.[45][46]

In June 1989 Blackstone acquired freight railroad operator, CNW Corporation.[47]That same

year, in 1989, Blackstone partnered with Salomon Brothers to raise $600 million to acquire distressed thrifts in the midst of

the savings and loan crisis.[48]

1990s

As the 1990s began, Blackstone continued its growth and expansion into new

businesses. In 1990, Blackstone launched its fund of hedge funds business, initially

intended to manage investments for Blackstone senior management. Also in 1990,

Blackstone extended its ambitions to Europe, forming a partnership with J. O. Hambro

Magan in the UK and Indosuez in France. In 1991, Blackstone created its Europe unit to

enhance the firms presence internationally.[49][50]

In 1991, Blackstone launched its real estate investment business with the acquisition of a

series of hotel businesses under the leadership of Henry Silverman. In 1990, Blackstone and Silverman acquired a 65%

interest in Prime Motor Inns Ramada and Howard Johnson franchises for $140 million, creating Hospitality Franchise

Systems as a holding company.[51]In October 1991, Blackstone and Silverman added Days Inns of America for $250

million.[52]Then, in 1993, Hospitality Franchise Systems acquired Super 8 Motels for $125 million.[53]Silverman wouldultimately leave Blackstone to serve as CEO of HFS, which would later become Cendant Corporation.

Blackstone made a number of notable investments in the early and mid-1990s, including Great Lakes Dredge and Dock

Company (1991), Six Flags (1991), US Radio (1994), Centerplate (1995), MEGA Brands (1996). Also, in 1996, Blackstone

partnered with the Loewen Group, the second largest funeral home and cemetery operator in North America, to acquire

funeral home and cemetery businesses. The partnership's first acquisition was a $295 million buyout of Prime Succession

from GTCR.[54][55][56]

Through the mid and late 1990s, Blackstone continued to grow. In 1997, Blackstone completed fundraising for its third

private equity fund, with approximately $4 billion of investor commitments[57]and a $1.1 billion real estate investment fund.[58]In the following year, in 1998, Blackstone sold a 7% interest in its management company to AIG, replacing Nikko

Securities as its largest investor and valuing Blackstone at $2.1 billion.[59]Then, in 1999, Blackstone launched its mezzanine

capital business. Blackstone brought in five professionals, led by Howard Gellis from Nomura Holding America's Leveraged

Capital Group to manage the business.[60]

Blackstone's investments in the late 1990s included AMF Group (1996), Haynes International (1997), American Axle

(1997), Premcor (1997), CommNet Cellular (1998), Graham Packaging (1998), Centennial Communications (1999),

Bresnan Communications (1999), PAETEC Holding Corp. (1999). Haynes and Republic Technologies International, a

specialty steel maker in which Blackstone invested in 1996, both had problems and ultimately filed bankruptcy.[61]

Also, in 1997, Blackstone made its first investment in Allied Waste. Two years later, in 1999, Blackstone, together with

Apollo Management provided capital for Allied Waste's acquisition of Browning-Ferris Industries in 1999 to create the

second largest waste management company in the US. Blackstone's investment in Allied was one of its largest to that point

in the firm's history.[10]

Its investments in telecommunications businessesfour cable TV systems in rural areas (TW Fanch 1 and 2, Bresnan

Communications and Intermedia Partners IV) and a cell phone operator in the Rocky Mountain states (CommNet Cellular)

were among the most successful of the era, generating $1.5 billion of profits for Blackstone's funds.[62]




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Schwarzman's Blackstone Group

completed the first major IPO of a

private equity firm in June 2007.[66]

Blackstone Real Estate Advisers, its real estate affiliate, bought the Watergate Complex in Washington D.C. in July 1998 for

$39 million[63]and sold it to Monument Reality in August 2004.[64]

Early 2000s

Blackstone acquired the mortgage for 7 World Trade Center in October 2000 from Teachers Insurance and Annuity

Association.[65]

In July 2002, Blackstone completed fundraising for a $6.45 billion private equity

fund, Blackstone Capital Partners IV, the largest private equity fund ever raised to

that point. More than $4 billion of the capital was raised by the end of 2001 and

Blackstone was able to secure the remaining commitments despite adverse market

conditions.[67]

With a significant amount of capital in its new fund, Blackstone was one of a handful

of private equity investors capable of completing large transactions in the adverse

conditions of the early 2000s recession. At the end of 2002, Blackstone, together

with Thomas H. Lee Partners and Bain Capital, acquired Houghton Mifflin Company

for $1.28 billion. The transaction represented one of the first large club deals,

completed since the collapse of the Dot-com bubble.[68]

In late 2002, Blackstone remained active acquiring TRW Automotive in a $4.7 billion buyout, the largest private equity deal

announced that year (the deal was completed in early 2003). TRW's parent was acquired by Northrop Grumman, while

Blackstone purchased its automotive parts business, a major supplier of automotive systems.[69][70]Blackstone also

purchased a majority interest in Columbia House, a music buying club, in mid-2002.[71]

Blackstone made a significant investment in Financial Guaranty Insurance Company (FGIC), a monoline bond insurer

alongside PMI Group, The Cypress Group and CIVC Partners. FGIC incurred heavy losses, along with other bond insurers

in the 2008 credit crisis.[72]

Two years later, in 2005, Blackstone was one of seven private equity firms involved in the buyout of SunGard in a

transaction valued at $11.3 billion. Blackstone's partners in the acquisition were Silver Lake Partners, Bain Capital,

Goldman Sachs Capital Partners, Kohlberg Kravis Roberts, Providence Equity Partners, and TPC Capital. This represented

the largest leveraged buyout completed since the takeover of RJR Nabisco at the end of the 1980s leveraged buyout boom.Also, at the time of its announcement, SunGard would be the largest buyout of a technology company in history, a

distinction it would cede to the buyout of Freescale Semiconductor. The SunGard transaction is also notable in the number

of firms involved in the transaction, the largest club deal completed to that point.[73]The involvement of seven firms in the

consortium was criticized by investors in private equity who considered cross-holdings among firms to be generally

unattractive.[74][75]

In 2006, Blackstone launched its new long / short equity hedge fund business, Kailix Advisors. According to Blackstone, as

of September 30, 2008, Kailix Advisors had $1.9 billion of assets under management. In December 2008, Blackstone

announced that Kailix will be spun off to its management team to form a new fund as an independent entity backed by

Blackstone.[21]

While Blackstone was active on the corporate investment side, it was also busy pursuing real estate investments. Blackstone

acquired Prime Hospitality[76]

and Extended Stay America in 2004. Blackstone followed these investments with theacquisition of La Quinta Inns & Suites in 2005 and its largest transaction, the buyout of Hilton Hotels Corporation in 2007.

Extended Stay Hotels was sold to The Lightstone Group in July 2007 and Prime Hospitality's Wellesley Inns were folded

into La Quinta.[77]

The Buyout Boom (2005-2007)

During the buyout boom of 2006 and 2007, Blackstone completed some of the largest leveraged buyouts. Blackstone's most

notable transactions during this period include the following:




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Investment Year Company Description Ref.

TDC 2005

In December 2005, Blackstone together with a group of firms, including Kohlberg KravisRoberts, Permira, Apax Partners and Providence Equity Partners, acquired Tele-DenmarkCommunications). The firms acquired the former telecom monopoly in Denmark, under thebanner Nordic Telephone Company (NTC) for approximately $11 billion.

[78]

Equity Office 2006

Blackstone completes the $37.7 billion acquisition of one of the largest owners ofcommercial office properties in the US. At the time of its announcement, the Equity Office

buyout became the largest in history, surpassing the buyout of HCA. It would later besurpassed by KKR's buyout of TXU. Vornado Realty Trust bid against Blackstone, pushingup the final price.

[79]

[80]

Freescale

Semiconductor2006

A consortium led by Blackstone and including the Carlyle Group, Permira and the TPGCapital completed the $17.6 billion takeover of the semiconductor company. At the time ofits announcement, Freescale would be the largest leveraged buyout of a technologycompany ever, surpassing the 2005 buyout of SunGard. The buyers were forced to pay anextra $800 million because KKR made a last minute bid as the original deal was about to besigned. Shortly after the deal closed in late 2006, cell phone sales at Motorola Corp.,Freescale's former corporate parent and a major customer, began dropping sharply. Inaddition, in the recession of 2008-2009, Freescale's chip sales to automakers fell off, and thecompany came under great financial strain.

[81]

[82]

Michaels 2006 Blackstone, together with Bain Capital, acquired Michaels, the largest arts and crafts retailerin North America in a $6.0 billion leveraged buyout in October 2006. Bain and Blackstonenarrowly beat out Kohlberg Kravis Roberts and TPG Capital in an auction for the company.

[83]

Nielsen

Holdings2006

Blackstone together with AlpInvest Partners, Carlyle Group, Hellman & Friedman,Kohlberg Kravis Roberts and Thomas H. Lee Partners acquired the global information andmedia company formerly known as VNU.

[84]

[85]

[86]

Orangina[87] 2006Blackstone, together with Lion Capital acquired Orangina, the bottler, distributor andfranchisor of a number of carbonated and other soft drinks in Europe from CadburySchweppes for 1.85 billion

[88]

Travelport 2006

Travelport, the parent of the travel web site Orbitz.com, was acquired from Cendant byBlackstone and Technology Crossover Ventures in a deal valued at $4.3 billion. The sale ofTravelport followed the spin-offs of Cendant's real estate and hospitality businesses,

Realogy Corporation and Wyndham Worldwide Corporation, respectively, in July 2006.(Later in the year, TPG and Silver Lake would acquire Travelport's chief competitor SabreHoldings.) Soon after the Travelport buyout, Travelport spun off part of its subsidiary OrbitzWorldwide in an IPO and bought a Travelport competitor, Worldspan.

[89]

[90]

[91]

United Biscuits 2006In October 2006 Blackstone, together with PAI Partners announced the acquisition of theBritish biscuit producer. The deal was completed in December 2006.

[92]

[93]

RGIS Inventory

Specialists2007

In March 2007, RGIS announced that Blackstone Group purchased a controlling interest inthe company, the terms of the transaction were not disclosed.

[94]

Biomet 2007Blackstone, Kohlberg Kravis Roberts, TPG Capital and Goldman Sachs Capital Partnersacquired the medical devices company for $11.6 billion.

[95]

HiltonWorldwide

2007

Blackstone acquired the premium hotel operator for approximately $26 billion, representinga 25% premium to Hilton's all-time high stock price. The Hilton deal, announced on July 3,

2007 is often referred to as the deal that marked the "high water mark" and the beginning ofthe end of the multi-year boom in leveraged buyouts. The company restructured its debt in2010.

[96]

[97]

[98]

Initial public offering in 2007

In 2004, Blackstone had explored the possibility of creating a business development company (BDC), Blackridge

Investments, similar to vehicles pursued by Apollo Management.[99]However, Blackstone failed to raise capital through an

initial public offering that summer, and the project was shelved.[100]It also planned to raise a fund on the Amsterdam stock

exchange in 2006, but its rival, Kohlberg Kravis Roberts & Co. launched a $5 billion fund there that soaked up all demand

for such funds, and Blackstone abandoned its project.[101]

By the summer of 2006, Blackstone had a more ambitious goal and secretly began laying the groundwork for an IPO of thefirm itself, and managed to keep the project quiet for eight or nine months.[6][102]On March 22, 2007, Blackstone filed with

the SEC[3]to raise $4 billion in an initial public offering. On June 3, 2007, Blackstone announced the acquisition of Alliant

Insurance Services, Inc., one of the nations largest insurance brokerage firm.[103]On June 21, Blackstone sold a 12.3% stake




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in its ownership for $4.13 billion in the largest U.S. IPO since 2002. Traded on the New York Stock Exchange under the

ticker symbol BX, Blackstone priced at $31 per share on June 22, 2007.[7][104]Less than two weeks after the Blackstone IPO,

in July 2007 rival private equity firm, Kohlberg Kravis Roberts, filed with the SEC[105]In October 2009, KKR listed its

shares on the Euronext exchange and anticipates a listing on the New York Stock Exchange.[106]

Since 2008

Since the closure of the credit markets in 2007 and 2008, Blackstone has managed to close only a small number of sizabletransactions. In January 2008, Blackstone made a small co-investment alongside TPG Capital and Apollo Management in

their buyout of Harrah's Entertainment, although that transaction had been announced during the buyout boom period. Other

notable investments that Blackstone completed in 2008 and 2009 included AlliedBarton, Performance Food Group,[107][108]

Apria Healthcare and CMS Computers.

Among the firm's two largest investments since the buyout boom have been The Weather Channel and the announced

acquisition of Busch Entertainment. In July 2008, Blackstone, together with NBC Universal and Bain Capital agreed to

purchase The Weather Channel from Landmark Communications.[109][110]In October 2009, Anheuser-Busch InBev

announced the sale of its Busch Entertainment Corporation theme parks division to Blackstone for $2.7 billion.[111][112]

SeaWorld Parks were the focus of the 2013 film Blackfish, a documentary on Killer Whale attacks at these parks and the

ethics of keeping them captive.

The Financial Times has reported that Merlin Entertainments owned by Blackstone Group will file an IPO[113]

in the 2ndquarter of 2010. Merlin will be listed on the London Stock Exchange. If true this would be the second of 8 reported IPOs

Blackstone plans,[114]the first being Team Health Holdings, Inc.[115]Blackstone reported at the end of 2009 revenues of

$1.8bln, compared to -$349mln revenues in 2008.[116]On August 13, 2010 Blackstone announced it would buy Dynegy, an

energy firm, for nearly $5 billion.[117]

In 2010, Blackstone Alternative Asset Management, received Institutional Investor magazine's 8th Annual Hedge Fund

Industry award for Large Fund of Hedge Funds of the Year.[118]

February 2011: Blackstone Group LP agreed to acquire 588 malls of Centro Properties Group's U.S. shopping centers for

$9.4 billion. Whereas Centro's Australian may continue their operation independently.[119]

August 2011: Blackstone Group LP agreed to buy Medical-Biller Emdeon Inc. for around $3 billion. Due to Blackstone

Group LP was (the world's biggest) private-equity firm, so tender offer of Emdeon Inc. public company should be done witha cash payment of $19 a share, a 44 percent premium.[120]

In late 2011 Blackstone Group LP has acquired the German outdoor company Jack Wolfskin. Blackstone has moved some

of its accounting functions to India.

In 2012, Blackstone was part of a consortium that offered critical financing to Knight Capital after a software glitch

threatened Knight's ability to continue operations.

In November 2012, The Blackstone Group acquired a controlling interest in Vivint, Vivint Solar, and 2GIG Technologies.[121]

In April 2013, the company confirmed that it backed out of the proposed Dell buyout.[122]

In September 2013, Blackstone announced a strategic investment in ThoughtFocus Technologies LLC, a leading IT Service

provider. The investment will establish the Blackstone Center of Excellence, an IT outsourcing and offshore delivery center,

to provide key technology and other administrative service.[123]

See also

GSO Capital Partners

Stephen A. Schwarzman

List of outdoor industry parent companies

References

1. ^"Blackstone Full-Year 2012 Investor Call" (http://files.shareholder.com/downloads/BX/2383558683x0x631960/c0900527-c7f3-499a-94c3-389d92b70b4d/Blackstone4Q12EarningsPressRelease.pdf). The Blackstone Group. January 31, 2013.




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2. ^ a bWiliam Alden (April 18, 2013). "Public Offering Values SeaWorld at $2.5Billion" (http://dealbook.nytimes.com/2013/04/18/seaworld-prices-i-p-o-at-top-of-range/). The New York Times. Retrieved April19, 2013.

3. ^ a b c d e f g h i j The Blackstone Group L.P., Form S-1(http://www.sec.gov/Archives/edgar/data/1393818/000104746907002068/0001047469-07-002068-index.htm), Securities AndExchange Commission, March 22, 2007

4. ^Kim, Soyoung. "Blackstone buys security firm Vivint for over $2 billion" (http://www.reuters.com/article/2012/09/19/us-blackstone-acquisition-idUSBRE88I0LF20120919). Reuters. Retrieved 2013-03-23.

5. ^ a bBlackstone Group: Private Equity (http://www.blackstone.com/private_equity/corp_pe/investment.html) (company website).See also: Blackstone Private Equity Investment by Transaction Size(http://www.blackstone.com/private_equity/corp_pe/portfolio.asp?Order=ByTransactionSize) (company website), Team(http://www.blackstone.com/private_equity/corp_pe/team.html) (company website). Accessed 2009-02-20

6. ^ a b cBlackstone Said to Prepare for I.P.O. (http://dealbook.blogs.nytimes.com/2007/03/16/blackstone-said-to-prepare-for-ipo/)New York Times, March 16, 2007

7. ^ a bAnderson, Jenny. "Blackstone Founders Prepare to Count Their Billions(http://www.nytimes.com/2007/06/12/business/12blackstone.html)." New York Times, June 12, 2007.

8. ^New bosses, new rules (http://articles.latimes.com/2007/aug/12/opinion/op-candaele12). LA Times, August 12, 2007

9. ^ a bData collected from Preqin, a private equity database system

10. ^ a bA trash hauler is buying a much bigger rival, a type of deal that makes Wall Street a bit nervous(http://query.nytimes.com/gst/fullpage.html?res=980CE5DF113FF93AA35750C0A96F958260). New York Times, March 9, 1999

11. ^Equity Firm Attracted to Attractions (http://www.nytimes.com/2007/03/06/business/06wax.html). New York Times, March 6,2007

12. ^Blackstone Private Equity Investment by Transaction Size (http://www.blackstone.com/private_equity/corp_pe/portfolio.asp?

Order=ByTransactionSize) (company website). Accessed 2009-02-2013. ^Kim, Soyoung; Roumeliotis, Greg (9 September 2012). "Blackstone buys security firm Vivint for over $2

billion" (http://www.reuters.com/article/2012/09/19/us-blackstone-acquisition-idUSBRE88I0LF20120919). Reuters. Retrieved 4January 2013.

14. ^Blackstone Real Estate Overview (http://www.blackstone.com/real_estate/). (company website). Accessed 2009-02-2015. ^Blackstone Real Estate Investment Portfolio (http://www.blackstone.com/private_equity/corp_pe/portfolio.asp?

Order=ByTransactionSize) ( at company website). Accessed 2009-02-2016. ^Alex Hawkes (http://www.guardian.co.uk/business/2011/jun/02/blackstone-denies-blame-for-southern-cross?INTCMP=SRCH)

Blackstone denies blame for Southern Cross's plightguardian.co.uk, Thursday 2 June 201117. ^Nils Pratley (http://www.guardian.co.uk/business/2011/jun/02/was-southern-cross-always-sickly?INTCMP=SRCH) Was

Southern Cross always sickly underneath?guardian.co.uk, Thursday 2 June 201118. ^"Blackstone to Buy Stakes in Apartment Complexes From GE

Unit" (http://online.wsj.com/article/SB10001424127887324769704579009071517729420.html). August 12, 2013.19. ^Blackstone to Buy GSO Capital (http://dealbook.blogs.nytimes.com/2008/01/10/blackstone-to-buy-gso-capital/). New York

Times, January 10, 2008

20. ^Blackstone to Buy Hedge Fund to Strengthen Credit Operations(http://www.nytimes.com/2008/01/11/business/11blackstone.html). New York Times, January 11, 2008

21. ^ a bBlackstone To Rationalize Single Manager Hedge Funds Businesses In Efficiency Move (http://online.barrons.com/article/PR-CO-20081223-903729.html). Press Release, December 23, 2008

22. ^Schwarzman Unbowed (http://www.bloomberg.com/news/marketsmag/mm_0309_story3.html). Bloomberg Markets, March2009

23. ^Blackstone Financial Advisory: Selected Clients (http://www.blackstone.com/financial_advisory/mergers/clients.html) (companywebsite). Accessed 2009-02-20

24. ^Moore, Heidi N. (December 12, 2008). "GM Hires Blackstone" (http://blogs.wsj.com/deals/2008/12/12/meet-the-undertakers-gms-bankruptcy-advisers/). Wall Street Journal. Retrieved 2008-12-12.

25. ^"Blackstoin Restructuring & Reorganization: Selected Transactions" (http://www.blackstone.com/businesses/financial-advisory/restructuring-reorganization/selected-transactions/enron).(Company website) Accessed 10/20/2012

26. ^Blackstone: Private Placement Advisory Overview (The Park Hill Group)(http://www.blackstone.com/financial_advisory/private/index.html). Company website, Accessed 2009-02-20

27. ^Park Hill Group: About Us (http://www.parkhillgroup.com/about.htm). Company website, Accessed 2011-1-2628. ^Company website, Accessed 2012-10-01 (http://www.blackstone.com/careers/careers-at-blackstone/technology.)29. ^Company website, Accessed 2012-10-01 (http://www.blackstone.com/the-firm/our-people/john-fitzpatrick.)30. ^Blackstone Unit Wins in No-Lose Codere Trade: Corporate Finance (http://www.bloomberg.com/news/2013-10-22/blackstone-

unit-wins-in-no-lose-codere-trade-corporate-finance.html)31. ^"Blackstone responds to Jon Stewart" - http://finance.fortune.cnn.com/2013/12/05/blackstone-vs-daily-show/32. ^David Carey and John E. Morris,King of Capital: The Remarkable Rise, Fall and Rise Again of Steve Schwarzman and

Blackstone (Crown 2010) (http://king-of-capital.com/), pp. 45-5633. ^Private equity power list: #1 The Blackstone Group

(http://money.cnn.com/galleries/2007/fortune/0702/gallery.powerlist.fortune/index.html). Fortune, July 2, 200734. ^Blackstone etymology (http://www.thedeal.com/dealscape/2007/06/blackstone_etymology.php). The Deal, June 26, 200735. ^King of Capital, pp. 121-12336. ^Business People; Blackstone Hires Shearson Officer (http://query.nytimes.com/gst/fullpage.html?

res=9B0DE4D8143FF936A1575BC0A961948260). New York Times, August 25, 198737. ^Hutton-Shearson Deal Announced (http://query.nytimes.com/gst/fullpage.html?

res=9B0DE5DC1239F937A35751C1A961948260)".New York Times, December 4, 1987.38. ^"Hutton Sets Fees (http://query.nytimes.com/gst/fullpage.html?res=9B0DE6DE1F3DF93AA35751C1A961948260)".New York

Times, December 9, 198739. ^"Sony and CBS Records: What a Romance! (http://query.nytimes.com/gst/fullpage.html?

res=940DE6DE1339F93BA2575AC0A96E948260)".New York Times, September 18, 1988




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40. ^King of Capital, pp. 45-5641. Â Big Fund Ready to Capitalize on Hard Times (http://query.nytimes.com/gst/fullpage.html?

res=9B0DE3DD1638F930A25752C1A961948260). New York Times, November 13, 198742. ^"Mortgage Unit Leaders To Join Blackstone (http://query.nytimes.com/gst/fullpage.html?

res=940DE1DE153FF937A35750C0A96E948260)".New York Times, March 4, 198843. ^"Nikko Acquires 20% of Blackstone Group (http://query.nytimes.com/gst/fullpage.html?

res=940DE5DD1F3AF930A25751C1A96E948260)".New York Times, December 13, 198844. ^King of Capital, pp. 144-14745. ^"Stockman Forming Own Buyout Concern (http://query.nytimes.com/gst/fullpage.html?

res=9D04E3D8153CF934A2575AC0A96F958260)".New York Times, September 17, 199946. ^"Stockman Is Charged With Fraud (http://www.nytimes.com/2007/03/27/business/27stockman.html)".New York Times, March

27, 200747. ^"CNW Accepts Buyout Bid From Blackstone Group (http://query.nytimes.com/gst/fullpage.html?

res=950DE5DA1538F934A35755C0A96F948260)".New York Times, June 7, 198948. ^"2 Wall Street Firms Join To Buy Savings Units (http://query.nytimes.com/gst/fullpage.html?

res=950DE7DD103DF931A25756C0A96F948260)".New York Times, May 12, 198949. Û.S. Mergers Firm Is Forming British Link (http://query.nytimes.com/gst/fullpage.html?

res=9C0CE2DF1030F930A15757C0A966958260). New York Times, April 23, 199050. ^Chairman Is Named For Blackstone Unit (http://query.nytimes.com/gst/fullpage.html?

res=9D0CE5DB163FF936A35757C0A967958260). New York Times, April 5, 199151. ^Prime to Sell Interest in Inns to Blackstone (http://query.nytimes.com/gst/fullpage.html?

res=9C0CE2DC1F30F937A15756C0A966958260). New York Times, May 24, 199052. ^Blackstone Unit to Buy Days Inns (http://query.nytimes.com/gst/fullpage.html?

res=9D0CEFDA113FF932A35753C1A967958260). New York Times, October 1, 1991

53. ^Hospitality to Acquire Super 8 Motels (http://query.nytimes.com/gst/fullpage.html?res=9F0CE0DE1639F934A25751C0A965958260). New York Times, February 17, 1993

54. ^The Loewen Group and Blackstone Capital Partners form corporate venture to acquire Prime Succession(http://findarticles.com/p/articles/mi_m0EIN/is_/ai_18390971). Business Wire, June 17, 1996. Accessed 2009-02-20.

55. ^Loewen And Blackstone To Make Joint Purchase (http://query.nytimes.com/gst/fullpage.html?res=9D05E4D91439F93BA25755C0A960958260). New York Times, June 18, 1996

56. ^Loewen Buys Big Cemetery, And Its Suitor Criticizes Deal (http://query.nytimes.com/gst/fullpage.html?res=9C00E3D8153DF932A1575AC0A960958260). New York Times, September 21, 1996

57. ^Blackstone Raises $4 Billion for Fund (http://query.nytimes.com/gst/fullpage.html?res=9803E5D7153CF933A25753C1A961958260). New York Times, October 10, 1997

58. ^Red-Hot Revival in Real Estate; Overheating Is Feared With Surge in Vulture Investing(http://query.nytimes.com/gst/fullpage.html?res=9A05E3DE1F30F935A35752C1A961958260). New York Times, November 6,1997

59. Â.I.G. Will Put $1.35 Billion Into Blackstone (http://query.nytimes.com/gst/fullpage.html?res=9D00E4DE1338F932A05754C0A96E958260). New York Times, July 31, 1998

60. ^Blackstone to Form a New Financing Unit (http://query.nytimes.com/gst/fullpage.html?res=9C01E5DE1438F93BA35757C0A96F958260). New York Times, April 8, 1999

61. ^King of Capital, pp. 145-14662. ^King of Capital, pp. 148-15563. ^Cube, Christine (Nov 25, 2002). "Watergate Hotel For

Sale" (http://www.bizjournals.com/washington/stories/2002/11/25/story1.html?page=all). Washington Business Journal.64. ^Staff Report (Aug 19, 2004). "Monument Realty Buys Watergate

Hotel" (http://www.crenews.com/general_news/general/monument-realty-buys-watergate-hotel.html). Commercial Real EstateDirect.

65. ^"Blackstone Acquires Debt on 7 World TradeCenter" (http://www.thefreelibrary.com/Blackstone+Acquires+Debt+On+7+World+Trade+Center.-a066149308). Business Wire.October 17, 2000.

66. ^Photographed at the World Economic Forum in Davos, Switzerland in January 2008.67. ^Blackstone Amasses a Record Equity Fund (http://query.nytimes.com/gst/fullpage.html?

res=980DE5D61539F934A25754C0A9649C8B63). New York Times, July 17, 200268. ^Vivendi Finishes Sale of Houghton Mifflin To Investors (http://query.nytimes.com/gst/fullpage.html?res=9504E2DC133FF932A35752C0A9659C8B63). New York Times, January 1, 2003

69. ^King of Capital, pp. 176, 197, 206-20770. ^Blackstone Group May Purchase Auto Parts Business From TRW (http://query.nytimes.com/gst/fullpage.html?

res=9C05EFD61131F930A25752C1A9649C8B63). New York Times, November 13, 200271. ^Blackstone Buys Majority Stake in Columbia House (http://query.nytimes.com/gst/fullpage.html?

res=9F07E1DB1339F936A25756C0A9649C8B63). New York Times, May 15, 200272. Â Split-Up of Insurers of Bonds Is Considered (http://www.nytimes.com/2008/02/16/business/16bond.html). New York Times,

February 16, 200873. ^King of Capital, p. 22574. ^"Capital Firms Agree to Buy SunGard Data in Cash Deal (http://www.nytimes.com/2005/03/29/business/29sungard.html)."

Bloomberg L.P., March 29, 200575. ^Do Too Many Cooks Spoil the Takeover Deal? (http://www.nytimes.com/2005/04/03/business/yourmoney/03dealbook.html).

New York Times, April 3, 2005

76. ^The Blackstone Group to Acquire Prime Hospitality Corp (http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=105&STORY=/www/story/08-18-2004/0002234454). Press Release, August 18, 2004. Accessed 2009-02-20

77. ^Private-Equity Firm Sees Room for Value in Hotels (http://www.realestatejournal.com/propertyreport/hotel/20050817-chittum.html). Wall Street Journal, August 17, 2005




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78. Êquity Firms Buy Danish Phone Company (http://query.nytimes.com/gst/fullpage.html?res=9805E4DC1531F932A35751C1A9639C8B63). New York Times, December 1, 2005

79. ^King of Capital, pp. 239-25480. ^Blackstones Bid for Equity Office Prevails (http://www.nytimes.com/2007/02/08/business/08real.html) New York Times,

February 8, 200781. ^King of Capital, 231-23582. ^Sorkin, Andrew Ross and Flynn, Laurie J. "Blackstone Alliance to Buy Chip Maker for $17.6 Billion

(http://www.nytimes.com/2006/09/16/business/16freescale.html)." New York Times, September 16, 200683. ^Consortium Buys Michaels for $6 Billion (http://www.nytimes.com/2006/07/01/business/01deal.html). New York Times, July 1,

200684. ^VNU Shareholders Reject $8.9 Bln Offer From KKR Group (http://www.bloomberg.com/apps/news?

pid=10000085&sid=apnoYIe8t31A&refer=europe). Bloomberg, March 8, 200685. ^Buyout Bid For Parent Of Nielsen (http://query.nytimes.com/gst/fullpage.html?

res=9407E0DA143FF934A25752C0A9609C8B63). New York Times, January 17, 200686. ^VNU Agrees To Public Offer From Private Equity Group (http://www.nielsen.com/media/2006/pr_2006_0308_2.pdf). Press

Release, March 8, 200687. ^"Company News Headlines" (http://www.nasdaq.com/aspx/company-news-story.aspx?

storyid=200909220936dowjonesdjonline000194&title=update-blackstone-lion-sell-orangina-get-eur26-billion---source).NASDAQ.com. Retrieved 2013-01-29.

88. ^Cadbury Sells Beverage Unit to Two Firms (http://www.nytimes.com/2005/11/22/business/worldbusiness/22drink.html). NewYork Times, November 22, 2005

89. ^King of Capital, pp. 314-31890. ^Sachdev, Ameet. " Orbitz travels to 4th owner: Blackstone Group to buy from Cendant." (http://www.highbeam.com/doc/1G1-

147699028.html), Chicago Tribune, July 1, 2006. Accessed September 15, 2007.

91. ^Fineman, Josh. "Cendant to sell Orbitz to Blackstone for $4.3 Bln" (http://www.bloomberg.com/apps/news?pid=20601087&sid=a5zd1iiOoP5g&refer=home),Bloomberg.com, June 30, 2006. Accessed September 15, 2007.

92. ^Parkinson, Gary (October 26, 2006). "Private-equity companies snap up United Biscuits in a1.6bn" (http://www.findarticles.com/p/articles/mi_qn4158/is_20061026/ai_n16803530). The Independent. Retrieved 2007-04-12.

93. ^"Blackstone and PAI complete purchase ofUB" (http://web.archive.org/web/20070927180234/http://www.unitedbiscuits.com/80256C1A0047922E/vWeb/pcHHUS6WHM5F)(Press release). United Biscuits. December 15, 2006. Archived from the original(http://www.unitedbiscuits.com/80256C1A0047922E/vWeb/pcHHUS6WHM5F) on September 27, 2007. Retrieved 2007-04-12.

94. ^[1] (http://www.rgis.com/us_en/news/pressrelease/2010/press-release-2007-03-21-blackstone.aspx). RGIS Press Release, March,21st 2007

95. ^de la Merced, Michael J. "Biomet Accepts Sweetened Takeover Offer(http://www.nytimes.com/2007/06/08/business/08biomet.html)." New York Times, June 8, 2007.

96. ^Blackstone to Buy Hilton Hotels for $26 Billion (http://www.nytimes.com/2007/07/04/business/04deal.html). New York Times,July 4, 2007

97. ^High-Water Mark (http://query.nytimes.com/gst/fullpage.html?res=9C02E3D6103CF937A35754C0A96E9C8B63). New YorkTimes, July 4, 2008

98. ^King of Capital, pp. 299-30099. ^Private Firms Use Closed-End Funds to Tap the Market (http://www.nytimes.com/2004/04/17/business/17hedge.html?

ex=1231909200&en=3e437becdf88809d&ei=5070). New York Times, April 17, 2004100. ^Blackstone Group Postpones Fund Offering (http://query.nytimes.com/gst/fullpage.html?

res=9F05E2DE153AF935A25754C0A9629C8B63). New York Times, July 16, 2004101. ^King of Capital, pp. 221-223102. ^King of Capital, pp. 255-267103. Âlliant Insurance Services, Inc. to be acquired by Blackstone and Management, June 3, 2007

(http://www.blackstone.com/news/press-releases/alliant-insurance-services-inc-to-be-acquired-by-blackstone-and-management/)104. ^Sorkin, Andrew Ross and de la Merced, Michael J. "News Analysis Behind the Veil at Blackstone? Probably Another Veil

(http://www.nytimes.com/2007/03/19/business/19blackstone.html)." New York Times, March 19, 2007.105. ^KKR & Co. L.P., Form S-1 (http://www.sec.gov/Archives/edgar/data/1404912/000104746907005446/a2178646zs-1.htm),

Securities And Exchange Commission, July 3, 2007

106. ^KKR lists on Euronext; NYSE is next (http://www.forbes.com/feeds/afx/2009/10/01/afx6955603.html). Reuters, October 1, 2009107. Êquity Firms Acquiring Food Supplier (http://www.nytimes.com/2008/01/19/business/19food.html). Bloomberg, January 19,2008

108. ^Blackstone, Wellspring to acquire Performance Food Group in $1.3bn deal(http://www.altassets.com/news/arc/2008/nz12542.php). AltAssets, January 18, 2008

109. ^Michael J. de la Merced (July 7, 2008). "Weather Channel Is Sold to NBC and EquityFirms" (http://www.nytimes.com/2008/07/07/business/media/07weather.html).New York Times. Retrieved 2008-09-17.

110. ^Robert Marich. "The Weather Channel Sale Wraps" (http://www.broadcastingcable.com/article/CA6595811.html). Broadcasting& Cable. Retrieved 2008-09-26.

111. ^Blackstone to buy A-B InBev's theme parks for $2.7 billion (http://www.marketwatch.com/story/blackstone-buys-a-b-inbevs-theme-parks-for-27b-2009-10-07). MarketWatch, Oct. 7, 2009

112. ÎnBev may sell US theme parks (http://www.boston.com/business/articles/2008/07/16/inbev_may_sell_us_theme_parks/). BostonGlobe, July 16, 2008

113. ^"Blackstone's Merlin Entertainment to Go Public in '10, FT Says" (http://www.bloomberg.com/apps/news?pid=20601102&sid=awn5jIZ1Y6UM).Bloomberg. October 23, 2009.

114. ^"Blackstone plans portfolio IPOs: source" (http://www.reuters.com/article/businessNews/idUSTRE59B01M20091012?feedType=RSS&feedName=businessNews).Reuters. October 12, 2009.

115. ^Wahba, Phil (October 6, 2009). "Blackstone-owned hospital staffing company filesIPO" (http://uk.reuters.com/article/idUKTRE5954ZC20091006).Reuters.




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116. ^Opalesque (26 February 2010). "Blackstone revenues in 2009 show strong bounce back from2008" (http://www.opalesque.com/57389/blackstone/Fund_of_hedge_funds_far_from841.html).

117. ^"Finance after the crisis: Survival of the richest" (http://www.economist.com). The Economist(The Economist NewspaperLimited) 396(8696): 59. 2127 August 2010.

118. ^[2] (http://www.hedgefundindustryawards.com/2010/default.html) Hedge Fund Industry Awards, The 8th Annual Hedge FundAwards, Retrieved June 2011

119. ^Whitley, Angus; Saminather, Nichola (February 28, 2011). "Blackstone Said to Acquire Centro's U.S. Shopping Centers for $9.4Billion" (http://www.bloomberg.com/news/2011-02-28/blackstone-to-buy-centro-s-u-s-assets-for-9-4-bln-wsj-says.html).

Bloomberg.

120. ^Nussbaum, Alex; Kelly, Jason (August 4, 2011). "Blackstone Group Agrees to Acquire Medical-Biller Emdeon for $3Billion" (http://www.bloomberg.com/news/2011-08-04/blackstone-to-buy-health-care-biller-emdeon-in-deal-valued-at-3-

billion.html).Bloomberg.121. ^De, Michael J. "The Blackstone Group News - The New York

Times" (http://topics.nytimes.com/top/news/business/companies/blackstone_group/index.html). Topics.nytimes.com. Retrieved2013-01-29.

122. ^Jolie O'Dell, VentureBeat. Blackstone just backed out of its proposed Dell buyout(http://venturebeat.com/2013/04/19/blackstone-may-have-just-backed-out-of-dell-buyout/). April 19, 2013. Retrieved on April 19,2013.

123. ^Blackstone Announces Strategic Investment in ThoughtFocus Technologies - WSJ.com (http://online.wsj.com/article/PR-CO-20130930-905959.html). Online.wsj.com (2013-09-30). Retrieved on 2013-12-06.

David Carey, John E. Morris (2010). King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman andBlackstone.

The Making of a Wise Man (http://www.nytimes.com/2004/11/28/business/yourmoney/28rich.html). New York Times, November28, 2004

External links

Official website (http://www.blackstone.com/)

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Private equity firms of the United States Investment banks Blackstone Group

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