Blackstone Inc. (NYSE:BX) agreed to acquire remaining 20% stake in Chengdu Xinjia Logistics Co., Ltd from Pingtan Xinzhi Asset Management Co., Ltd for CNY 31.1 million.
August 09, 2024
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Blackstone Inc. (NYSE:BX) agreed to acquire remaining 20% stake in Chengdu Xinjia Logistics Co., Ltd from Pingtan Xinzhi Asset Management Co., Ltd for CNY 31.1 million on August 9, 2024. A cash consideration of CNY 31.14 million will be paid by Blackstone Inc. As part of consideration, CNY 31.14 million is paid towards common equity of Chengdu Xinjia Logistics Co., Ltd. Upon completion, Blackstone Inc. will own 100% stake in Chengdu Xinjia Logistics Co., Ltd.
As of March 31, 2024, Chengdu Xinjia Logistics Co., Ltd reported total assets of CNY 221.93 million and total common equity of CNY 64.52 million.
The transaction is subject to approval of merger agreement by target board.
Blackstone Inc. is an investment firm. The Company's asset management business includes investment vehicles, which is focused on real estate, private equity, infrastructure, life sciences, growth equity, credit, real assets, and secondary funds. The Company operates through four segments: Real Estate, Private Equity, Credit & Insurance, and Hedge Fund Solutions. Its Blackstone Real Estate Partners (BREP) business makes investments in logistics, office, rental housing, hospitality, and retail properties, as well as in a variety of real estate operating companies. The Private Equity segment includes Blackstone Capital Partners, Blackstone Energy Transition Partners, Blackstone Capital Partners Asia, and Blackstone Core Equity Partners. The Credit & Insurance segment includes Blackstone Credit and Blackstone Insurance Solutions (BIS). The Hedge Fund Solutions segment includes Blackstone Alternative Asset Management and GP Stakes businesses.
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