X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-The Blackstone Group LP has closed the $635-million acquisition of GSO Capital Partners LP and certain of its affiliates, which GlobeSt.com initially reported in January. Blackstone Holdings will also pay up to an additional targeted $310 million over the next five years contingent on specified earnings targets. Additionally, profit sharing and other compensatory payments subject to performance and vesting may be paid to the GSO personnel.

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 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.

Schwarzman continues that “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.”

Hamilton James, president and COO of Blackstone, previously explained that “by accessing our considerable private equity and other resources, we expect this group [GSO] to generate substantial incremental value for the limited partners of both firms’ credit funds as well as for Blackstone’s common unit holders.” Further GlobeSt.com queries were not answered by deadline.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.