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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.

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