(Read more on the debt and equity markets.)

NEW YORK CITY-Locally based global alternative asset manager Blackstone Group LP plans to buy GSO Capital Partners LP for $620 million in cash. Blackstone Holdings units will pay up to $310 million over the next five years contingent on specific earnings targets. In addition, compensatory payments may be paid based on vesting and performance. Blackstone expects this transaction to be nondilutive.

According to Blackstone, the acquisition will enhance its global alternative investment platform in the credit area, will add new lines of business and will create significant synergies and opportunities for the firm. Stephen Schwarzman, chairman and CEO of Blackstone, says in a prepared statement that “the combination of GSO’s businesses with our existing corporate debt operations will produce one of the largest credit platforms in the alternative asset management business,” with more than $21 billion of total assets under management. “Given the current dislocation in the credit markets, this is an ideal time to create a more powerful, diversified platform from which to grow Blackstone’s business,” he adds.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.