BX - The Blackstone Group Inc.

NYSE - NYSE Delayed Price. Currency in USD
48.39
+0.59 (+1.23%)
At close: 4:02PM EDT
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Previous Close47.80
Open47.60
Bid48.46 x 1200
Ask48.52 x 1200
Day's Range47.53 - 48.54
52 Week Range26.88 - 55.17
Volume3,915,692
Avg. Volume7,112,606
Market Cap57.831B
Beta (3Y Monthly)1.55
PE Ratio (TTM)33.40
EPS (TTM)1.45
Earnings DateOct 23, 2019
Forward Dividend & Yield1.92 (4.10%)
Ex-Dividend Date2019-07-26
1y Target Est52.77
Trade prices are not sourced from all markets
  • Can Mortgage Banking Income Aid Zions (ZION) in Q3 Earnings?
    Zacks

    Can Mortgage Banking Income Aid Zions (ZION) in Q3 Earnings?

    Increase in refinancing due to lower rates is likely to have supported Zions' (ZION) fee revenues in the third quarter of 2019.

  • Reuters

    RPT-EXPLAINER-What makes Japanese hotelier Unizo attractive for Blackstone and Elliott?

    Little-known hotelier Unizo Holdings Co Ltd has found itself the centre of private equity attention, with global names vying for the opportunity to buy into Japan's property market on the cheap. WHO HAS BID FOR UNIZO? Blackstone Group Inc upped the ante on Tuesday with plans to launch a 5,000 yen-per-share offer valuing the firm at $1.6 billion, having already had two proposals rejected.

  • Blackstone's financing for Merlin deal unsettles bond market
    Reuters

    Blackstone's financing for Merlin deal unsettles bond market

    A buyout consortium led by Blackstone sent a frisson through debt markets this week as it took advantage of a booming appetite for bonds to push through aggressive terms on financing for its leveraged buyout of Merlin Entertainments. Merlin, which owns and operates Legoland and Madam Tussauds, took on more than $3 billion of debt to help to fund Blackstone's bid to take the company private in a deal worth $7.5 billion agreed in June, one of the largest European private equity transactions in recent years. Analysts and investors are worried that the European Central Bank's unprecedented stimulus program is driving investors into riskier debt.

  • Moody's

    Nexus Buyer LLC -- Moody's assigns B2 CFR to Promontory Interfinancial Network in connection with acquisition by Blackstone; outlook stable

    Moody's Investors Service ("Moody's") assigned a B2 Corporate Family Rating (CFR) and B2-PD Probability of Default Rating (PDR) to Nexus Buyer LLC, an entity formed in connection with the pending acquisition of Promontory Interfinancial Network, LLC (PIN) by Blackstone Group L.P. (Blackstone) and management for $2.5 billion. The B2 CFR reflects PIN's small business scale and high financial leverage above 7x following the pending acquisition by Blackstone. Moody's expects PIN to continue to generate solid organic revenue growth in the near term, supported by the continued penetration of financial institutions and integration with the customers' core processing platforms which accelerates volume growth.

  • Reuters

    Explainer: What makes Japanese hotelier Unizo attractive for Blackstone and Elliott?

    Little-known hotelier Unizo Holdings Co Ltd has found itself the centre of private equity attention, with global names vying for the opportunity to buy into Japan's property market on the cheap. WHO HAS BID FOR UNIZO? Blackstone Group Inc upped the ante on Tuesday with plans to launch a 5,000 yen-per-share offer valuing the firm at $1.6 billion, having already had two proposals rejected.

  • Reuters

    UPDATE 1-Elliott pushes Japan's Unizo to accept $1.6 bln Blackstone bid

    Unizo Holdings' top shareholder Elliott Management pushed the Japan hotel operator to accept a $1.6 billion tender offer from Blackstone Group , warning it would take "all available measures" if it fails to do its "fiduciary duty". Activist investor Elliott's warning comes after Unizo had previously rebuffed an offer from Blackstone. The buyout group this week ratcheted up its pursuit of the company by launching the buyout offer, to which Unizo is still deciding its response.

  • Elliott pushes Japan's Unizo to accept $1.6 billion Blackstone bid
    Reuters

    Elliott pushes Japan's Unizo to accept $1.6 billion Blackstone bid

    Unizo Holdings' top shareholder Elliott Management pushed the Japan hotel operator to accept a $1.6 billion tender offer from Blackstone Group, warning it would take "all available measures" if it fails to do its "fiduciary duty". Activist investor Elliott's warning comes after Unizo had previously rebuffed an offer from Blackstone. The buyout group this week ratcheted up its pursuit of the company by launching the buyout offer, to which Unizo is still deciding its response.

  • Reuters

    Fortress extends tender offer period for Japan's Unizo until Nov 1

    SoftBank Group's Fortress Group said on Thursday it would extend its tender-offer period for Japanese hotel operator Unizo Holdings, which is also an acquisition target of Blackstone Group but at a higher price, until Nov. 1. U.S.-based Fortress's 4,000 yen-per-share offer was originally set to end on Thursday. Fortress had emerged in August as a white knight for Unizo with a 137 billion yen bid when the hotelier was the target of H.I.S.. But Unizo later withdrew its support.

  • Bloomberg

    Blackstone, K Raheja Pick More Banks for Indian REIT IPO

    (Bloomberg) -- Blackstone Group and Indian developer K Raheja Group have selected more banks for an initial public offering of their joint commercial property portfolio, according to people familiar with the matter.Citigroup Inc., Kotak Mahindra Capital Co. and Axis Capital Ltd. were picked to join Morgan Stanley to arrange the listing of the assets as real estate investment trust in Mumbai, said the people, who asked not to be identified as the discussions are private.While the private equity firm and K Raheja are still working on the property composition for the REIT, they aim to finish the share sale by as soon as March, the people said.A successful debut would mark India’s second REIT after the listing of Embassy Office Parks REIT in April. The country’s cash-starved developers have been seeking ways to monetize their assets as the industry is struggling with sluggish sales and price declines that followed a 2016 crackdown on cash and a lingering crisis in shadow lenders.The Economic Times last month reported that Morgan Stanley was roped in for the planned REIT listing, while more banks will be hired soon.Deliberations are ongoing and more banks can be added to the lineup, the people said. Details of the offering could also be changed, they said. Representatives for Blackstone, Citi and Morgan Stanley declined to comment, while representatives for Axis Capital, Kotak Mahindra and K Raheja Group didn’t immediately respond to requests for comment.\--With assistance from Dhwani Pandya.To contact the reporter on this story: Baiju Kalesh in Mumbai at bkalesh@bloomberg.netTo contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, Arijit GhoshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • MGM Resorts (MGM) Sells Properties in a Move to Free Capital
    Zacks

    MGM Resorts (MGM) Sells Properties in a Move to Free Capital

    The sale will free up cash, offering MGM flexibility to operate in new and different ways, said MGM Resorts Chairman and CEO Jim Murren.

  • Steve Schwarzman: Billionaires got rich by doing more than just 'watching TV'
    Yahoo Finance

    Steve Schwarzman: Billionaires got rich by doing more than just 'watching TV'

    "Every place where everybody works was started by somebody,” Schwarzman told Yahoo Finance. “And, that's the way the world works.”

  • Bloomberg

    Battle for Thyssenkrupp Elevators Unit Heats Up

    (Bloomberg) -- The battle for Thyssenkrupp AG’s elevator unit is heating up as rival bidders Kone Oyj and Blackstone Group Inc. position themselves with potential partners for a deal that could fetch more than 15 billion euros ($16.5 billion), people familiar with the matter said.Kone, the Finnish elevator maker, is in talks with CVC Capital Partners about teaming up in an offer for the business, according to the people. Blackstone and Carlyle Group LP have partnered for their own planned joint bid, the people said, asking not to be identified because the information is private.Shares of Thyssenkrupp jumped as much as 5% in Frankfurt trading Wednesday. Suitors are still waiting for Thyssenkrupp to make the unit’s detailed financial information available before making bids in the coming weeks, the people said.A partnership between Kone and CVC would be a way to address significant antitrust concerns, with CVC acquiring elevator assets in places such as Europe where Thyssenkrupp and its Finnish rival have significant overlap, they said. The talks with CVC are one of several partnership options that Kone is exploring, according to the people.Antitrust ReviewCVC is also discussing whether it could bid independently in addition to pursuing a joint offer with Kone, two of the people said. No final decisions have been made, and there’s no certainty the suitors will proceed with formal bids, the people said.Representatives for Carlyle, CVC and Kone declined to comment. Representatives for Blackstone and Thyssenkrupp weren’t immediately available to comment.Kone and Blackstone will still face stiff competition from other suitors. Brookfield Asset Management Inc. and a consortium of Advent International, Cinven and the Abu Dhabi Investment Authority remain in the running, according to the people. The other strategic bidder is Japan’s Hitachi Ltd., the people said.Clayton Dubilier & Rice, EQT AB, Permira and KKR & Co. have dropped out of the process, the people said. Representatives for Advent, Brookfield, Cinven, KKR and Permira declined to comment, while a representative for Hitachi said “no formal decision has been made in this regard.” CD&R and EQT didn’t immediately respond to requests for comment. Replacing LeaderThyssenkrupp last month named Martina Merz as interim chief executive officer to replace Guido Kerkhoff as it tries to ink a deal for elevators, its most valuable asset, to fund a turnaround. The beleaguered German conglomerate plans to raise much-needed cash from the sale and also restructure or dispose of other units, such as automotive components and heavy plate steel.The departure of Kerkhoff, who preferred selling only a minority stake in the company’s crown jewel, has fueled speculation that Thyssenkrupp might now be more open to selling the entire business. An initial public offering is also still being prepared.Kone, whose CEO Henrik Ehrnrooth has said “the complementary fit of these two companies is just second to none,” is looking for creative ways to address competition concerns. Thyssenkrupp wants to avoid a long antitrust review and a repeat from earlier this year when European regulators derailed a planned steel venture with Tata Steel Ltd. Buyout firms would avoid antitrust hurdles, but Kone would potentially be able to make a higher offer and generate more cost savings, the people said.Buyout firms have been competing fiercely to buy assets being sold by European companies. Earlier this month, a consortium led by EQT completed the acquisition of Nestle SA’s $10 billion skincare division. A slew of private equity firms were also pursuing Bayer AG’s veterinary medicine unit before the German company decided to sell it to Elanco Animal Health Inc.CVC would be taking a page out of its previous playbook if it teams up with Kone to secure some of the assets. Linde AG and Praxair Inc. won a long U.S. antitrust battle for their $46 billion industrials gases merger last year only after selling significant assets to CVC and its partner Messer Group GmbH.(Updates with other European private equity deals in penultimate paragraph.)\--With assistance from William Wilkes, Kati Pohjanpalo and Eyk Henning.To contact the reporters on this story: Aaron Kirchfeld in London at akirchfeld@bloomberg.net;Sarah Syed in London at ssyed35@bloomberg.net;Dinesh Nair in London at dnair5@bloomberg.netTo contact the editors responsible for this story: Ben Scent at bscent@bloomberg.net, Amy ThomsonFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Low Rates, Muted Lending to Mar State Street (STT) Q3 Earnings
    Zacks

    Low Rates, Muted Lending to Mar State Street (STT) Q3 Earnings

    Decline in interest rates and soft loan growth are expected to have hurt State Street's (STT) interest income in the third quarter of 2019.

  • Financial Times

    MGM Resorts divests $5bn in Las Vegas real estate

    MGM Resorts has divested real estate assets worth $5bn, striking two deals that will see iconic Las Vegas properties pass to the Blackstone Group and to Donald Trump’s business partner in the gambling capital. , who joined with Mr Trump to develop the Trump International, a non-casino hotel and condominium in Las Vegas.

  • Reuters

    UPDATE 1-Unizo shares jump after Blackstone launches tender offer

    Shares of Unizo Holdings Co Ltd jumped on Wednesday after U.S. private equity firm Blackstone Group Inc ratcheted up its pursuit of the Japanese hotel operator by launching a 5,000 yen-per-share tender offer. Unizo stock rose as much as 5.6% to 4,965 yen in early Tokyo trade after Blackstone announced its offer the previous day, doubling down on its $1.6 billion offer after the proposal was rebuffed by the hotelier. The Japanese firm said in a statement it had not decided how to respond to the tender offer and would consult with a special committee on how to proceed.

  • Bloomberg

    Blackstone, KKR Join Race for India’s Emami Cement

    (Bloomberg) -- Blackstone Group Inc. and a rival consortium led by KKR & Co. are considering bids for the cement unit of Indian cosmetics to paper conglomerate Emami Group, according to people with knowledge of the matter.TPG Capital is also weighing a bid for Emami Cement Ltd. and could look for a local partner, said one of the people, who asked not to be identified as the discussions are private. KKR is in talks to team up with Nirma Ltd., a maker of detergents, the people said.Emami Group has picked Arpwood Capital Ltd. and Credit Suisse Group AG to manage the sale of the cement unit, seeking a valuation of about $1 billion, Bloomberg News has reported. The Kolkata-based conglomerate led by R. S. Agarwal and R.S. Goenka is joining tycoons including Anil Ambani and Subhash Chandra in selling assets to pare debt as a cash crunch in Indian markets increase funding costs.Deliberations are ongoing and the private equity firms could decide against a bid, the people said. Representatives for Blackstone and TPG declined to comment, while representatives for Emami Group and KKR said they do not comment on market speculation. A representative for Nirma didn’t immediately respond to requests for comment.Emami Cement runs three manufacturing plants in India and is setting up another one in Kalinganagar, Odisha, according to its website. The company has more than 50 branches across the country, its website shows.(Updates to add background on Emami Cement in last paragraph)To contact the reporters on this story: Baiju Kalesh in Mumbai at bkalesh@bloomberg.net;P R Sanjai in Mumbai at psanjai@bloomberg.netTo contact the editors responsible for this story: Fion Li at fli59@bloomberg.net, ;Sam Nagarajan at samnagarajan@bloomberg.net, Anto AntonyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • Unizo shares jump after Blackstone launches tender offer
    Reuters

    Unizo shares jump after Blackstone launches tender offer

    Unizo stock rose as much as 5.6% to 4,965 yen in early Tokyo trade after Blackstone announced its offer the previous day, doubling down on its $1.6 billion offer after the proposal was rebuffed by the hotelier. The Japanese firm said in a statement it had not decided how to respond to the tender offer and would consult with a special committee on how to proceed. It said it had learned about the offer from a press release issued through PR Times but had not been contacted by Blackstone.

  • Bloomberg

    MGM Agrees to Sell Bellagio to Blackstone for $4.25 Billion

    (Bloomberg) -- MGM Resorts International, pressured by investors to unload its remaining company-owned casinos, agreed to sell the Bellagio resort in Las Vegas to Blackstone Group for $4.25 billion and will continue to operate the property under a lease arrangement.The Las Vegas-based casino company also agreed to sell the Circus Circus property on the Strip, along with 47 adjoining acres, to real estate mogul Phil Ruffin for $825 million, according to a statement Tuesday.With the sales, MGM Resorts moves a step closer to becoming a landless casino company, marking a new era for the largest operator of casinos on the Las Vegas Strip. When all of its deals close, the company will have just two wholly owned properties, including the flagship MGM Grand, remaining under its ownership. The company is keeping a 5% stake in the Blackstone-led venture that’s buying Bellagio.“The casino industry is evolving and we figured the best use of our intellectual capital was to focus on sports, live entertainment and reduce leverage,” Jim Murren, MGM’s chairman and chief executive officer, said in an interview. “It’s very historic for a variety of reasons.”MGM has been restructuring under pressure from activist investors. The company has cut and reorganized management, and previously sold all but four of its wholly owned casinos to MGM Growth Properties Inc., a real estate investment trust it created three years ago. The REIT has an option to buy the MGM Springfield in Massachusetts.The price for Bellagio represents 17.3 times the initial annual rent of $245 million, MGM said. Bloomberg News previously reported Blackstone was in talks to buy and lease back the Bellagio and MGM Grand. The property is being purchased by the Blackstone Real Estate Investment Trust.MGM will use the proceeds to bolster its balance sheet and return capital to shareholders. Murren said the transactions will help the company target new growth opportunities, including one of the new integrated resource licenses in Japan and sports betting in the U.S. MGM has no plans to develop any more casinos in Las Vegas, he said.Earlier DealsRuffin, a real estate mogul raised in Wichita, Kansas, will pay $662.5 million in cash for Circus Circus. The $162.5 million balance will be in a note that’s due in 2024. The parties expected to deal to close in the fourth quarter. The resort has 2,300 employees and includes a 20-acre RV park and 37-acre festival grounds.Ruffin bought the Treasure Island casino from MGM for $746 million in 2009. The company then was trying to raise cash following the financial crisis and complete construction of its CityCenter project.He fixed up Treasure Island, once known for its daily pirate battles outside, adding a western-themed barbecue restaurant and other amenities aimed at Middle American guests. Earlier, he partnered with Donald Trump on the Trump International Hotel, a non-casino hotel and condo development on the Strip.Circus Circus, now more than 50 years old, was once a flagship property of publicly traded Circus Circus Enterprises. MGM ultimately acquired that company. The resort itself is located at the less-trafficked north end of the Strip.The sale of Bellagio will provide a benchmark value to attract bidders for MGM’s remaining real estate interests, Murren said, including the CityCenter properties that are co-owned with Dubai World, and the flagship MGM Grand.Murren also said he wasn’t concerned that Penn National Gaming Corp., another casino operator that had moved to a similar asset-light strategy, trades at a lower multiple of earnings than other casino companies. He said MGM’s assets make it unique.MGM Resorts enlisted Weil, Gotshal & Manges as its legal counsel, while PJT Partners and JPMorgan Chase & Co. served as financial advisers. Blackstone’s REIT used Citigroup Inc. and Morgan Stanley as its financial advisers. Simpson Thacher & Bartlett LLP, meanwhile, was its legal counsel.(Updates with advisers in last paragraph)To contact the reporter on this story: Christopher Palmeri in Los Angeles at cpalmeri1@bloomberg.netTo contact the editors responsible for this story: Nick Turner at nturner7@bloomberg.net, John J. Edwards III, Rob GolumFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • MarketWatch

    MGM selling Circus Circus, huge stake in Bellagio

    MGM Resorts International said late Tuesday it is selling its Circus Circus casino resort in Las Vegas and a huge interest in its Bellagio resort. MGM shares rose 0.5% after hours, following a 0.4% decline to end the session at $27.87. The company said it was entering a joint venture with Blackstone Group Inc.'s Real Estate Income Trust in a sale-leaseback deal for $4.25 billion, where MGM will have a 5% stake in the JV. The sale is expected to close by the end of the year. MGM also said it is selling Circus Circus for $825 million to an affiliate of Treasure Island owner Phil Ruffin. The deal is made up of $662.5 million in cash and a $162.5 million note due 2024.

  • Business Wire

    Blackstone Real Estate Income Trust to Acquire the Bellagio Real Estate from MGM Resorts International for $4.25 Billion in Sale-Leaseback Transaction

    Blackstone Real Estate Income Trust (“BREIT”), and MGM Resorts International (“MGM Resorts”) (MGM) announced today that BREIT and MGM Resorts will form a 95%/5% BREIT-led joint venture to acquire the real estate assets of the Bellagio for $4.25 billion in a sale-leaseback transaction. As part of the transaction, MGM Resorts will lease the property from the joint venture and continue to manage, operate and be responsible for all aspects of the property on a day-to-day basis.

  • Moody's

    Clay Holdco B.V. -- Moody's assigns first-time B2 CFR to CRH Europe Distribution; stable outlook

    Moody's Investors Service ("Moody's") has today assigned a B2 corporate family rating (CFR) and B2-PD probability of default rating (PDR) to Clay HoldCo B.V., a holding company of the Netherlands-based distributor of building materials CRH Europe Distribution ("CRH ED" or "company"). Moody's has also assigned B1 instrument ratings to the proposed EUR 965 million 1st lien senior secured term loan B (TLB) and EUR 180 million 1st lien senior secured revolving credit facility (RCF). Additionally, Moody's has assigned a Caa1 rating to the proposed EUR 248 million 2nd lien senior secured TL, also to be issued by Clay HoldCo B.V. The outlook on all aforementioned ratings is stable.

  • Willis Tower moving forward with build-out of risky 'Catalog' project
    American City Business Journals

    Willis Tower moving forward with build-out of risky 'Catalog' project

    The pricey five-story dining and entertainment experience aims to create a new neighborhood destination in a location where this has never before been tried.

  • Reuters

    UPDATE 2-Blackstone turns up heat on hotelier Unizo with tender offer

    Private equity firm Blackstone Group said on Tuesday it would launch a tender offer for Unizo Holdings at 5,000 yen a share, doubling down on its $1.6 billion offer after the proposal was rebuffed by the Japanese hotel chain. The potential bid from one of the world's largest buyout funds marks another twist in the takeover saga surrounding the once-obscure hotelier, now seen as a test case for Prime Minister Shinzo Abe's push for greater transparency and corporate disclosure. Unizo last week rejected a buyout proposal from Blackstone as well as one from a "locally renowned" fund that it did not identify.