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4-Traders Homepage  >  Equities  >  Nyse  >  Blackstone Group LP    BX

BLACKSTONE GROUP LP (BX)
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Real-time Quote. Real-time Cboe BZX - 05/24 05:30:54 pm
31.35 USD   -1.38%
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Blackstone LP : To buy Gramercy Property in $7.6 billion deal

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05/07/2018 | 06:35pm CEST
FILE PHOTO: The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange

(Reuters) - U.S. private equity firm Blackstone Group LP will buy commercial real estate manager Gramercy Property Trust in a $7.6 billion (5.6 billion pounds) all-cash deal, the companies said on Monday.

Blackstone's $27.50-per-share offer represents a premium of 15.4 percent to Gramercy's close on Friday at $23.82.

The deal will add to Blackstone's real estate business, which has emerged as a bigger contributor to earnings in recent years than its private equity division.

Blackstone earlier this year elevated Jonathan Gray, who turned the buyout firm into the world's biggest real estate investor, to president and chief operating officer, setting him up as successor to Chief Executive Stephen Schwarzman.

The acquisition has an equity value of $4.42 billion, according to Reuters' calculations. Gramercy's total liabilities, as of March 31, were $3.14 billion.

Gramercy's shareholders will receive a second-quarter dividend of 37.5 cents per share.

The deal is expected to close in the second half of the year, Gramercy said.

Morgan Stanley was Gramercy's financial adviser, while Citigroup and BofA Merrill Lynch advised Blackstone.

(Reporting by Aparajita Saxena and Arunima Banerjee in Bengaluru; Editing by Bernard Orr and Sai Sachin Ravikumar)

Stocks treated in this article : Blackstone Group LP, Gramercy Property Trust
Stocks mentioned in the article
ChangeLast1st jan.
GRAMERCY PROPERTY TRUST -0.14% 27.495 Delayed Quote.3.04%
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Financials ($)
Sales 2018 7 080 M
EBIT 2018 3 853 M
Net income 2018 -
Debt 2018 -
Yield 2018 7,30%
P/E ratio 2018 -
P/E ratio 2019 9,29
Capi. / Sales 2018 5,41x
Capi. / Sales 2019 4,94x
Capitalization 38 324 M
Chart BLACKSTONE GROUP LP
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Blackstone Group LP Technical Analysis Chart | BX | US09253U1088 | 4-Traders
Technical analysis trends BLACKSTONE GROUP LP
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TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 14
Average target price 39,8 $
Spread / Average Target 25%
EPS Revisions
Managers
NameTitle
Stephen Allen Schwarzman Chairman & Chief Executive Officer
Jonathan D. Gray President, Chief Operating Officer & Director
Kathleen Skero Finance Director & Principal Accounting Officer
Michael S. Chae Chief Financial Officer
Jay A. Leek Chief Information Security Officer
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