Blackstone Inc. (NYSE:BX) agreed to acquire remaining 20% stake in Foshan Yupei Warehousing Co., Ltd. from Pingtan Xinzhong Asset Management Co., Ltd. for CNY 99.1 million.

Blackstone Inc. (NYSE:BX) agreed to acquire remaining 20% stake in Foshan Yupei Warehousing Co., Ltd. from Pingtan Xinzhong Asset Management Co., Ltd. for CNY 99.1 million on August 9, 2024. A cash consideration of CNY 99.14 million will be paid by Blackstone Inc. (NYSE:BX). Upon completion, Blackstone Inc. (NYSE:BX) will own 100% stake in Foshan Yupei Warehousing Co., Ltd. As of March 31, 2024, Foshan Yupei Warehousing Co., Ltd. reported total assets of CNY 405.72 million and total common equity of CNY 152.01 million.

The deal has been approved by the Board of Directors of Fujian Dongbai (Group) Co.,Ltd.