Blackstone call volume above normal and directionally bullish » 10:0512/0812/08/21
Bullish option flow…
Bullish option flow detected in Blackstone with 2,172 calls trading, 1.1x expected, and implied vol increasing almost 3 points to 36.82%. Mar-22 130 calls and Mar-22 135 puts are the most active options, with total volume in those strikes near 900 contracts. The Put/Call Ratio is 0.66. Earnings are expected on January 20th.
Blackstone 5.27M share Block Trade priced at $134.60 » 09:3312/0812/08/21
The deal priced below…
The deal priced below last closing price of $139.33. Morgan Stanley is acting as sole book running manager for the offering.
Blackstone authorizes repurchase of up to $2B common stock, partnership units » 07:4112/0812/08/21
In a regulatory filing,…
In a regulatory filing, Blackstone said that on December 7, its board authorized the repurchase of up to $2B of the company's common stock and Blackstone Holdings Partnership Units, which authorization replaced the company's prior $1B repurchase authorization. The company added: "As reflected in the Form 4 filed on December 7, 2021, Hamilton E. James, the Company's Executive Vice Chairman and a member of its board of directors, sold 5,275,992 shares of the Company's common stock on December 7, 2021. In that connection, the Company repurchased 3,718,854 shares of common stock under the repurchase program from Mr. James for an aggregate purchase price of $499,999,920.30, which reflected the same price per share received by Mr. James in a concurrent sale of shares of common stock to a third-party financial institution. Mr. James has said these sales are primarily sales by family trusts for Mr. James's heirs for estate planning and necessary diversification. Of his personal Blackstone shares held outside those trusts, he is selling only enough shares to partially fund the taxes owed on the exchange and is retaining 80% of his personal Blackstone shares. Mr. James has expressed his intention to remain a long-term Blackstone shareholder given his strong confidence in the firm's future."
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Crown Resorts rejects latest Blackstone proposal » 17:0912/0112/01/21
Crown Resorts refers to…
Crown Resorts refers to its announcement on November 19, 2021 in relation to the unsolicited and non-binding proposal from a company on behalf of funds managed and advised by Blackstone Inc. and its affiliates, to acquire all of the shares in Crown by way of a scheme of arrangement at a price of A$12.50 cash per share. The Crown Board has carefully considered the Proposal, including obtaining advice from Crown's financial and legal advisers. Crown has discussed the Proposal with Blackstone and its advisers and has also considered feedback from shareholders and regulators. The Crown Board is of the view that the Proposal does not represent compelling value for Crown shareholders. However, the Crown Board has offered Blackstone the opportunity to access non-public information to allow Blackstone to undertake initial due diligence inquiries on a non-exclusive basis so that it can formulate a revised proposal that adequately reflects the value of Crown. The provision of such information is conditional on Crown and Blackstone entering into an appropriate confidentiality agreement.
Blackstone Tactical Opportunities acquires Sustana, terms not disclosed » 13:0212/0112/01/21
Blackstone announced that…
Blackstone announced that funds managed by its Blackstone Tactical Opportunities business have acquired Sustana Group, a manufacturer of premium, sustainable recycled fiber, paper and packaging products, from an affiliate of H.I.G. Capital. Headquartered in De Pere, Wisconsin, Sustana uses post-consumer materials and the high standards for environmental sustainability to produce a comprehensive suite of recycled fiber, paper and packaging solutions for customers throughout North America. It services a diversified customer base through four facilities, all of which have leading energy efficiency, water conservation systems, wastewater treatment technology and recycling of process by-products.
APT announces bid for New Jersey Board of Public Utilities solicitation » 09:2512/0112/01/21
Atlantic Power Transmission, a Blackstone portfolio company, announced its bid to develop a clean power transmission solution in response to the 2021 New Jersey Offshore Wind SAA Transmission Solicitation initiated by the New Jersey Board of Public Utilities, in collaboration with PJM Interconnection. APT's project offers a total offshore wind transmission solution of up to 3,600 MW and is expected to provide over $1.3B in economic value to the New Jersey economy. The project is expected to deliver clean offshore wind power to over 1.5M New Jersey families, enabled by an underground clean energy corridor connecting to an existing substation in Central New Jersey. APT has prioritized union labor and has partnered with the New Jersey union coalition, including Eastern Atlantic States Regional Council of Carpenters, International Union of Operating Engineers Locals 825 and 25 and Iron Workers Local 399.
Blackstone acquires SaaS solutions firm Irth, terms undisclosed » 07:5212/0112/01/21
Blackstone announced …
Blackstone announced that Blackstone Energy Partners has agreed to acquire Irth Solutions . Irth is a leading provider of cloud-based software-as-a-service "SaaS" solutions that automate processes for damage prevention and asset protection across critical network infrastructure assets. Additionally, Irth collects and analyzes operational and environmental data and runs risk management analytics for its blue-chip customer base across the energy, utilities, telecom and media end-markets. Its products and services support electric grid resiliency, electric vehicle penetration, 5G infrastructure build-out, emissions reduction efforts and help improve the safety and efficiency of pipeline operations. The acquisition of Irth continues Blackstone Energy Partners' focus on investing in companies that support critical infrastructure and the global energy transition. Kush Patel, Managing Director at Blackstone, said: "Irth is well-positioned to benefit from the tailwinds impacting each of the company's end-markets. Irth can be a key partner for electric utilities, telecom companies and energy infrastructure operators as they improve and expand operations, while reducing environmental impacts. We look forward to working with Brad and his team to capitalize on these trends..." Following the acquisition, Irth Solutions will retain its name and continue to operate independently as a Blackstone portfolio company. The transaction is subject to customary closing conditions and is expected to close by the end of December. Lazard and Lincoln International acted as financial advisors to Irth, and Ropes & Gray acted as the company's legal advisor. Kirkland & Ellis served as legal advisor to Blackstone. Terms of the transaction were not disclosed.
Cabot Properties sells logistics portfolio to Blackstone for $2.8B » 11:3911/3011/30/21
Blackstone and Cabot…
Blackstone and Cabot Properties announced that two vehicles affiliated with Blackstone Real Estate have acquired $2.8 billion of institutional-quality logistics assets in two separate transactions. Blackstone Real Estate Income Trust acquired the U.S. portfolio, which comprises 102 properties totaling 15.2 million square feet located in many of the strongest logistics markets including the Inland Empire, California; Eastern Pennsylvania; South Florida; and the New York Metropolitan Area. In a separate transaction, Blackstone's European Core+ business and its affiliates acquired the remaining European properties. These assets comprise 22 properties totaling 2.2 million square feet of prime industrial space across Europe's most in-demand markets including the Midlands, North West and South East in the U.K.; Amsterdam in the Netherlands; and Dusseldorf in Germany.
Wells Fargo initiates Blackstone Secured Lending Fund with an Equal Weight » 07:0411/2211/22/21
As previously reported,…
As previously reported, Wells Fargo analyst Finian O'Shea initiated coverage of Blackstone Secured Lending Fund (BXSL) with an Equal Weight rating and $30 price target. The analyst sees the business development company as a compelling point of access to higher quality, large middle market direct lending assets through Blackstone (BX) Credit's origination franchise, ability to garner high-quality funding facilities, and an industry-leading fee structure. That said, O'Shea views the positives of the BDC already reflected in its valuation, and believes that its "large corporate" origination is unlikely to drive large surprises to the upside.
Blackstone closes majority investment in SPANX valued at $1.2B » 08:5011/1811/18/21
SPANX announced that…
SPANX announced that funds managed by Blackstone have completed their previously announced majority investment in the business at a valuation of $1.2B. Additional new investors in SPANX participating in the closing include female entrepreneurs Oprah Winfrey, Reese Witherspoon and Whitney Wolfe Herd, as well as female-founded investment funds G9 Ventures and Able Partners. As previously announced, Blackstone and SPANX intend to create an all-female SPANX board of directors, and Blackstone's investment team for the transaction was all women. Blakely, founder and Executive Chairwoman of SPANX, will continue to maintain a significant equity stake. Blakely, along with SPANX's existing senior management team, will also continue to oversee daily operations.