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The Blackstone Group - Wikipedia, the free encyclopedia Page 1 of 12

The Blackstone Group From Wikipedia, the free encyclopedia

The Blackstone Group L.P. is an American multinational The Blackstone Group L.P. , banking, alternative management and based in City. As the largest firm in the world,[2] Blackstone specializes in private equity, and fund investment strategies, as well as financial advisory Type Public services, such as (M&A), Traded as NYSE: BX restructurings and reorganizations, and private placements.[3] (http://www.nyse.com/about/listed/lcddata.html? Blackstone's private equity business has been one of the largest ticker=bx) in leveraged transactions over the last decade, Industry Financial Services while its business has actively acquired commercial Founded 1985 real estate. Since its inception, Blackstone has completed in such notable companies as , Founder(s) Peter G. Peterson Equity Office Properties, Republic Services, AlliedBarton, Stephen A. Schwarzman [4] United , , and Headquarters 345 [5] . Manhattan, , USA Blackstone was founded in 1985 as a mergers and acquisitions Key people Stephen A. Schwarzman boutique by Peter G. Peterson and Stephen A. Schwarzman, --Chairman and CEO who had previously worked together at , Hamilton James Kuhn, Loeb Inc. Over the course of two decades, Blackstone --President & COO has evolved into one of the world's largest private equity J. Tomilson Hill [2] investment firms. In 2007, Blackstone completed a $4 billion --Vice Chairman to become one of the first major private Jonathan D. Gray equity firms to list shares in its management company on a --Global Head of Real Estate public exchange.[6][7] Blackstone is headquartered at in Manhattan, New York City, with eight additional Products Private Equity offices in the , as well as offices in , Paris, Düsseldorf, , Tokyo, Hong Kong, Beijing, Shanghai, Investment Management Mumbai, and Dubai. Revenue US$3.623 billion (2012) Net income US$0.218 billion (2012) Contents AUM US$210 billion (2012)[1]

◾ 1 Business segments Total US$28.931 billion (2012) ◾ 1.1 Corporate private equity Employees 1,585 (2012) ◾ 1.2 Real estate Website www.blackstone.com 1.3 Marketable alternative asset management ◾ (http://www.blackstone.com/) ◾ 1.4 Financial advisory services ◾ 1.5 Technology: Innovations & Infrastructure ◾ 2 Criticism ◾ 2.1 Credit Default Swap ◾ 3 History ◾ 3.1 Founding and early history ◾ 3.2 1990s ◾ 3.3 Early 2000s ◾ 3.4 The Buyout Boom (2005-2007) ◾ 3.5 Initial public offering in 2007 ◾ 3.6 Since 2008 ◾ 4 See also ◾ 5 References ◾ 6 External links

Business segments

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Blackstone is organized into four business segments:[3]

◾ Corporate private equity - Management of Blackstone's family of private equity funds investing in transactions; ◾ Investment Banking and Financial Advisory - Includes Blackstone's mergers and acquisitions advisory services, restructuring and reorganization advisory services and fund placement services for alternative investment funds; ◾ Marketable Alternative Asset Management - Management of Blackstone's funds of hedge funds, mezzanine funds, senior vehicles, and closed-end mutual funds; and ◾ Real Estate - Management of Blackstone's family of real estate investment funds.

Corporate private equity

As of 2011, Blackstone is the world's fifth-largest private equity firm by committed capital, focussing primarily on leveraged of more mature companies.[6] The firm also invests through minority investments, corporate and industry consolidations, and Blackstone's headquarters at occasionally, start-up investments in new entrants into existing industries. The firm focuses 345 Park Avenue, midtown on friendly investments in large capitalization companies.[3] Manhattan, New York City

Blackstone's private equity business employs approximately 120 investment professionals in New York City; London; Menlo Park, California; Mumbai; Hong Kong; and Beijing.[5]

Historically, Blackstone has primarily relied on private equity funds, pools of committed capital from pension funds, companies, endowments, , high net worth individuals, sovereign wealth funds and other institutional investors.[8] As of the end of 2008, Blackstone had completed fundraising for six funds with total commitments of over $36 billion, including five traditional private equity fund and a separate fund focusing on telecommunications investments.

Following is a summary of Blackstone's private equity funds raised from its inception through the beginning of 2009:[9]

Vintage Committed Fund Year Capital ($m) Blackstone Capital Partners I 1987 $800 Blackstone Capital Partners II 1994 $1,270 Blackstone Capital Partners III 1997 $3,780 Blackstone Communications Partners I 2000 $2,019 Blackstone Capital Partners IV 2003 $6,450 Blackstone Capital Partners V 2006 $21,700 Blackstone Capital Partners VI 2010 $13,500

From 1987 to the time of its IPO filing in 2007, Blackstone invested approximately $20 billion in capital in 109 private equity transactions.[3]

Blackstone's most notable investments include Allied Waste,[10] AlliedBarton Security Services, Graham Packaging, , Nalco, HealthMarkets, Houghton Mifflin, American Axle, TRW Automotive, Pharma Solutions, Prime Hospitality, Legoland, ,[11] La Quinta, Luxury Resorts (LXR), , Hilton Hotels Corporation, Apria Healthcare, Travelport, (United States) and The PortAventura Resort. In 2009 Blackstone purchased Busch Entertainment (comprising the Sea World Parks, Busch Garden Parks and the 2 water parks).[12]

In 2012 Blackstone acquired a controlling interest in Utah-based Vivint, Inc., a home automation, security and energy company.[13]

Former notable investments include Universal Studios Parks, which was sold to Comcast.

Real estate

Blackstone began building its real estate investment business in 1992 with the acquisition of a series of hotel businesses and has built it into a global operation with 122 investment professionals in the United States, Europe and Asia. The real estate business has raised approximately $28 billion for a variety of fund vehicles, including six US-focused funds and three

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International opportunity funds. Blackstone also raised a real estate special situations fund focusing on non-controlling debt and equity investment opportunities. The special situations fund invests directly in real estate as well as private and publicly traded real estate-related securities.[3][14]

The following is a summary of Blackstone's real estate funds raised from inception through November 2009:[9]

Vintage Committed Fund Year Capital ($m) Blackstone Real Estate Partners I 1994 $485 Blackstone Real Estate Partners II 1996 $1,300 Blackstone Real Estate Partners III 1999 $1,500 Blackstone Real Estate Partners International (Europe) 2001 €800 Blackstone Real Estate Partners IV 2003 $2,500 Blackstone Real Estate Partners International (Europe) II 2006 €1,550 Blackstone Real Estate Partners V 2006 $5,250 Blackstone Real Estate Partners VI 2007 $10,900 Blackstone Real Estate Special Situations PE Fund 2008 $1,000 Blackstone Real Estate Partners Europe III 2009 €3,100

From 1987 through the time of its IPO filing in 2007, Blackstone invested more than $13 billion in 212 real estate transactions and is a major owner of real estate throughout the US and Europe.[3] Among Blackstone's most notable real estate investments have included Equity Office Properties, Hilton Hotels Corporation, , Center Parcs UK, La Quinta Inns & Suites, Wyndham Worldwide, Southern Cross Healthcare and Centro Properties.[15]

The purchase and subsequent profitable IPO of Southern Cross led to controversy in the UK. Part of the purchase involved splitting the business into a property company, NHP, and a care home business, which Blackstone claimed would become "the leading company in the elderly care market". In May 2011 Southern Cross, now independent, was almost bankrupt, jeopardising 31,000 elderly residents in 750 care homes. It denied blame, although Blackstone was widely accused in the media for selling on the company with an unsustainable business model and crippled with an impossible sale and strategy.[16][17]

After , Blackstone Group LP has bought more than $5.5 billion single-family homes for rent and then sell when the prices rise.[18]

Marketable alternative asset management

Main article: GSO Capital Partners

In 1990, Blackstone created a fund of hedge funds business to manage the internal assets for Blackstone and its senior managers. Over the years, this business evolved into Blackstone's marketable alternative asset management segment, which was opened to institutional investors. Among the investments included in this segment are funds of hedge funds, mezzanine funds, senior debt vehicles, proprietary hedge funds and closed-end mutual funds.[3]

In March 2008, Blackstone acquired GSO Capital Partners, a credit-oriented alternative asset manager, for $620 million in cash and stock and up to $310 million through an earnout over the next five years based on certain earnings targets. The combination of Blackstone and GSO created one of the largest credit platforms in the alternative asset management business, with over $21 billion of total .[19] GSO was founded in 2005 by Bennett Goodman, Tripp Smith and Doug Ostrover. The GSO team had previously managed the leveraged businesses at Donaldson, Lufkin & Jenrette and later , after the acquisition of DLJ. Blackstone had existing relationships with the GSO team as an original investor in GSO's funds. Following the completion of the acquisition, Blackstone merged GSO's operations with its existing debt investment operations.[20][21]

Financial advisory services

Blackstone's financial advisory business is composed of three businesses:[3]

◾ Corporate and Mergers and Acquisitions Advisory ◾ Restructuring & Reorganization Advisory ◾ Private Placement Advisory

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Blackstone was originally founded by Peterson and Schwarzman in 1985 as a boutique investment banking firm that provides mergers and acquisitions advisory services. Among Blackstone's most notable corporate and mergers and acquisitions, advisory clients include Microsoft, Procter & Gamble, Verizon, Comcast, and AIG.[22][23]

In 1991, with the collapse of the 1980s buyout boom, Blackstone began to offer advisory services in corporate restructurings as well. Blackstone's most notable restructuring clients have included General Motors[24] Xerox, Enron,[25] Bally Total Fitness and Global Crossing.

Blackstone's fund placement advisory group, The Park Hill Group, was formed in 2005 with a team of professionals from Atlantic-Pacific Capital and Credit Suisse. The group focuses on raising capital from institutional investors for private investment vehicles that invest in private equity, mezzanine, real estate, , and hedge funds.[26] Park Hill Group also provides secondary advisory services to investors seeking portfolio liquidity and unfunded commitment relief.[27]

Technology: Innovations & Infrastructure

A newer division of Blackstone is the Innovations and Infrastructure group, headed by William Murphy.[28][29] The purpose of the division was to use innovative technology solutions to support, drive and improve Blackstone's business. Criticism

Credit Default Swap

"In the first half of 2013, Blackstone affiliate GSO Capital Partners purchased debt and credit default swaps in Codere SA, a listed Spanish company that operates betting parlors, online gambling sites and other gaming activities. GSO and another firm later purchased a €100 million[30] (via secondary markets) that Codere already had on the books, and then convinced Codere to delay repayment on the debt related to the aforementioned credit default swaps. That delay triggered the CDS, resulting in upwards of $18.7 million in profit for GSO."[31] History

Founding and early history History of private equity and venture capital The Blackstone Group was founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman with $400,000 in seed capital.[32][33] The founders named their firm Blackstone, which was a cryptogram derived from the names of the two founders (Schwarzman and Peterson): Schwarz is German for black; Peter, or Petra in Greek, means stone or rock.[34] The two founders had previously worked together at Lehman Brothers, Kuhn, Loeb Inc. At Lehman, Schwarzman served as head of Lehman Brothers' global mergers and acquisitions business.

Prominent investment banker Roger C. Altman, another Lehman veteran, left Early history his position as a managing director of Lehman Brothers to join (Origins of modern private equity) Peterson and Schwarzman at Blackstone in 1987. In 1992 after playing a role • The 1980s in the firm's growth, Altman would leave Blackstone to join the Clinton (Leveraged buyout boom) Administration as Deputy Treasury Secretary. After leaving politics in 1996, • Altman would found a boutique investment banking and private equity firm, The 1990s Partners.[35][36] (Leveraged buyout and the venture capital bubble) • Blackstone was originally formed as a mergers and acquisitions advisory The 2000s boutique. Blackstone advised on the 1987 merger of investment E. F. (Dot-com bubble to the ) Hutton & Co. and Shearson Lehman Brothers, collecting a $3.5 million fee.[37] [38] The firm also advised CBS Corporation on its 1988 sale of CBS Records to Sony to form what would become Entertainment.[39]

From the outset in 1985, Schwarzman and Peterson planned to enter the private equity business, but had difficulty in raising their first fund because neither had ever led a leveraged buyout.[40] Blackstone finalized fundraising for its first private equity fund in the aftermath of the October 1987 crash. After two years of providing strictly advisory services, Blackstone decided to pursue a merchant banking model after its founders determined that many situations required an investment partner rather than just an advisor. The largest investors in the first fund included Prudential Insurance Company, Nikko Securities and the General Motors .[41]

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Blackstone also ventured into other businesses, most notably investment management. In 1987 Blackstone entered into a 50–50 with the founders of BlackRock, and Ralph Schlosstein. The two founders, who had previously run the mortgage-backed securities divisions at First Boston and Lehman Brothers Kuhn Loeb, respectively, initially joined Blackstone to manage an investment fund and provide advice to financial institutions. They also planned to use a Blackstone fund to invest in financial institutions and help build an asset management business specializing in fixed income investments.[3][42]

As the business grew, Japanese bank Nikko Securities acquired a 20% interest in Blackstone in 1988 for a $100 million investment in 1988 (valuing the firm at $500 million). Nikko's investment allowed for a major expansion of the firm and its investment activities.[43] The growth firm also recruited politician and investment banker from Salomon Blackstone co-founder Peter Brothers in 1988. Stockman led many key deals in his time at the firm, but had a mixed Peterson was former record with his investments.[44] He left Blackstone in 1999 to start his own private equity chairman of Lehman [45][46] Brothers, Kuhn, Loeb Inc. firm, Heartland Industrial Partners, based in Greenwich, Connecticut. In June 1989 Blackstone acquired freight railroad operator, CNW Corporation.[47] That same year, in 1989, Blackstone partnered with to raise $600 million to acquire distressed thrifts in the midst of the .[48]

1990s

As the 1990s began, Blackstone continued its growth and expansion into new businesses. In 1990, Blackstone launched its fund of hedge funds business, initially intended to manage investments for Blackstone senior management. Also in 1990, Blackstone extended its ambitions to Europe, forming a partnership with J. O. Hambro The Blackstone Group logo in use Magan in the UK and Indosuez in . In 1991, Blackstone created its Europe unit to prior to the firm's rebranding as [49][50] enhance the firm’s presence internationally. simply Blackstone In 1991, Blackstone launched its real estate investment business with the acquisition of a series of hotel businesses under the leadership of . In 1990, Blackstone and Silverman acquired a 65% interest in Prime Motor Inn’s and Howard Johnson franchises for $140 million, creating Hospitality Franchise Systems as a .[51] In October 1991, Blackstone and Silverman added Days Inns of America for $250 million.[52] Then, in 1993, Hospitality Franchise Systems acquired Motels for $125 million.[53] Silverman would ultimately leave Blackstone to serve as CEO of HFS, which would later become Corporation.

Blackstone made a number of notable investments in the early and mid-1990s, including Great Lakes Dredge and Dock Company (1991), (1991), US Radio (1994), Centerplate (1995), MEGA Brands (1996). Also, in 1996, Blackstone partnered with the Loewen Group, the second largest funeral home and cemetery operator in North America, to acquire funeral home and cemetery businesses. The partnership's first acquisition was a $295 million buyout of Prime Succession from GTCR.[54][55][56]

Through the mid and late 1990s, Blackstone continued to grow. In 1997, Blackstone completed fundraising for its third private equity fund, with approximately $4 billion of investor commitments[57] and a $1.1 billion real estate investment fund. [58] In the following year, in 1998, Blackstone sold a 7% interest in its management company to AIG, replacing Nikko Securities as its largest investor and valuing Blackstone at $2.1 billion.[59] Then, in 1999, Blackstone launched its business. Blackstone brought in five professionals, led by Howard Gellis from Nomura Holding America's Leveraged Capital Group to manage the business.[60]

Blackstone's investments in the late 1990s included AMF Group (1996), (1997), American Axle (1997), Premcor (1997), CommNet Cellular (1998), Graham Packaging (1998), Centennial Communications (1999), Bresnan Communications (1999), PAETEC Holding Corp. (1999). Haynes and Republic Technologies International, a specialty steel maker in which Blackstone invested in 1996, both had problems and ultimately filed bankruptcy.[61]

Also, in 1997, Blackstone made its first investment in Allied Waste. Two years later, in 1999, Blackstone, together with Apollo Management provided capital for Allied Waste's acquisition of Browning-Ferris Industries in 1999 to create the second largest waste management company in the US. Blackstone's investment in Allied was one of its largest to that point in the firm's history.[10]

Its investments in telecommunications businesses—four cable TV systems in rural areas (TW Fanch 1 and 2, Bresnan Communications and Intermedia Partners IV) and a cell phone operator in the Rocky Mountain states (CommNet Cellular) were among the most successful of the era, generating $1.5 billion of profits for Blackstone's funds.[62]

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Blackstone Real Estate Advisers, its real estate affiliate, bought the in Washington D.C. in July 1998 for $39 million[63] and sold it to Monument Reality in August 2004.[64]

Early 2000s

Blackstone acquired the mortgage for 7 World Trade Center in October 2000 from Teachers Insurance and Annuity Association.[65]

In July 2002, Blackstone completed fundraising for a $6.45 billion private equity fund, Blackstone Capital Partners IV, the largest private equity fund ever raised to that point. More than $4 billion of the capital was raised by the end of 2001 and Blackstone was able to secure the remaining commitments despite adverse market conditions.[67]

With a significant amount of capital in its new fund, Blackstone was one of a handful of private equity investors capable of completing large transactions in the adverse conditions of the early 2000s recession. At the end of 2002, Blackstone, together Schwarzman's Blackstone Group with Thomas H. Lee Partners and , acquired Houghton Mifflin Company completed the first major IPO of a for $1.28 billion. The transaction represented one of the first large club deals, private equity firm in June 2007.[66] completed since the collapse of the Dot-com bubble.[68]

In late 2002, Blackstone remained active acquiring TRW Automotive in a $4.7 billion buyout, the largest private equity deal announced that year (the deal was completed in early 2003). TRW's parent was acquired by , while Blackstone purchased its automotive parts business, a major supplier of automotive systems.[69][70] Blackstone also purchased a majority interest in , a music buying club, in mid-2002.[71]

Blackstone made a significant investment in Financial Guaranty Insurance Company (FGIC), a monoline bond insurer alongside PMI Group, The and CIVC Partners. FGIC incurred heavy losses, along with other bond insurers in the 2008 credit crisis.[72]

Two years later, in 2005, Blackstone was one of seven private equity firms involved in the buyout of SunGard in a transaction valued at $11.3 billion. Blackstone's partners in the acquisition were Silver Lake Partners, Bain Capital, Capital Partners, , Partners, and TPC Capital. This represented the largest leveraged buyout completed since the of RJR at the end of the 1980s leveraged buyout boom. Also, at the time of its announcement, SunGard would be the largest buyout of a technology company in history, a distinction it would cede to the buyout of Freescale Semiconductor. The SunGard transaction is also notable in the number of firms involved in the transaction, the largest completed to that point.[73] The involvement of seven firms in the consortium was criticized by investors in private equity who considered cross-holdings among firms to be generally unattractive.[74][75]

In 2006, Blackstone launched its new long / equity business, Kailix Advisors. According to Blackstone, as of September 30, 2008, Kailix Advisors had $1.9 billion of assets under management. In December 2008, Blackstone announced that Kailix will be spun off to its management team to form a new fund as an independent entity backed by Blackstone.[21]

While Blackstone was active on the corporate investment side, it was also busy pursuing real estate investments. Blackstone acquired Prime Hospitality[76] and in 2004. Blackstone followed these investments with the acquisition of La Quinta Inns & Suites in 2005 and its largest transaction, the buyout of Hilton Hotels Corporation in 2007. Extended Stay Hotels was sold to in July 2007 and Prime Hospitality's Wellesley Inns were folded into La Quinta.[77]

The Buyout Boom (2005-2007)

During the buyout boom of 2006 and 2007, Blackstone completed some of the largest leveraged buyouts. Blackstone's most notable transactions during this period include the following:

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Investment Year Company Description Ref. In December 2005, Blackstone together with a group of firms, including Kohlberg Kravis Roberts, , and Providence Equity Partners, acquired Tele-Denmark TDC 2005 [78] Communications). The firms acquired the former telecom monopoly in Denmark, under the banner Nordic Telephone Company (NTC) for approximately $11 billion. Blackstone completes the $37.7 billion acquisition of one of the largest owners of commercial office properties in the US. At the time of its announcement, the Equity Office [79] Equity Office 2006 buyout became the largest in history, surpassing the buyout of HCA. It would later be [80] surpassed by KKR's buyout of TXU. bid against Blackstone, pushing up the final price. A consortium led by Blackstone and including , Permira and the TPG Capital completed the $17.6 billion takeover of the semiconductor company. At the time of its announcement, Freescale would be the largest leveraged buyout of a technology company ever, surpassing the 2005 buyout of SunGard. The buyers were forced to pay an Freescale [81] 2006 extra $800 million because KKR made a last minute bid as the original deal was about to be Semiconductor [82] signed. Shortly after the deal closed in late 2006, cell phone sales at Motorola Corp., Freescale's former corporate parent and a major customer, began dropping sharply. In addition, in the recession of 2008-2009, Freescale's chip sales to automakers fell off, and the company came under great financial strain. Blackstone, together with Bain Capital, acquired , the largest arts and crafts retailer Michaels 2006 in North America in a $6.0 billion leveraged buyout in October 2006. Bain and Blackstone [83] narrowly beat out Kohlberg Kravis Roberts and TPG Capital in an auction for the company. Blackstone together with AlpInvest Partners, Carlyle Group, Hellman & Friedman, [84] Nielsen 2006 Kohlberg Kravis Roberts and Thomas H. Lee Partners acquired the global information and [85] Holdings media company formerly known as VNU. [86] Blackstone, together with Lion Capital acquired , the bottler, distributor and Orangina[87] 2006 franchisor of a number of carbonated and other soft drinks in Europe from [88] Schweppes for €1.85 billion Travelport, the parent of the travel web site .com, was acquired from Cendant by Blackstone and Technology Crossover Ventures in a deal valued at $4.3 billion. The sale of Travelport followed the spin-offs of Cendant's real estate and hospitality businesses, [89] Travelport 2006 Corporation and Wyndham Worldwide Corporation, respectively, in July 2006. [90] (Later in the year, TPG and Silver Lake would acquire Travelport's chief competitor [91] Holdings.) Soon after the Travelport buyout, Travelport spun off part of its Orbitz Worldwide in an IPO and bought a Travelport competitor, Worldspan. In October 2006 Blackstone, together with PAI Partners announced the acquisition of the [92] 2006 British producer. The deal was completed in December 2006. [93] RGIS Inventory In March 2007, RGIS announced that Blackstone Group purchased a controlling interest in 2007 [94] Specialists the company, the terms of the transaction were not disclosed. Blackstone, Kohlberg Kravis Roberts, TPG Capital and Goldman Sachs Capital Partners 2007 [95] acquired the medical devices company for $11.6 billion. Blackstone acquired the premium hotel operator for approximately $26 billion, representing a 25% premium to Hilton's all-time high stock price. The Hilton deal, announced on July 3, [96] Hilton 2007 2007 is often referred to as the deal that marked the "high water mark" and the beginning of [97] Worldwide the end of the multi-year boom in leveraged buyouts. The company restructured its debt in [98] 2010.

Initial public offering in 2007

In 2004, Blackstone had explored the possibility of creating a business development company (BDC), Blackridge Investments, similar to vehicles pursued by Apollo Management.[99] However, Blackstone failed to raise capital through an initial public offering that summer, and the project was shelved.[100] It also planned to raise a fund on the Amsterdam stock exchange in 2006, but its rival, Kohlberg Kravis Roberts & Co. launched a $5 billion fund there that soaked up all demand for such funds, and Blackstone abandoned its project.[101]

By the summer of 2006, Blackstone had a more ambitious goal and secretly began laying the groundwork for an IPO of the firm itself, and managed to keep the project quiet for eight or nine months.[6][102] On March 22, 2007, Blackstone filed with the SEC[3] to raise $4 billion in an initial public offering. On June 3, 2007, Blackstone announced the acquisition of Alliant Insurance Services, Inc., one of the nation’s largest insurance brokerage firm.[103] On June 21, Blackstone sold a 12.3% stake

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in its ownership for $4.13 billion in the largest U.S. IPO since 2002. Traded on the under the BX, Blackstone priced at $31 per share on June 22, 2007.[7][104] Less than two weeks after the Blackstone IPO, in July 2007 rival private equity firm, Kohlberg Kravis Roberts, filed with the SEC[105] In October 2009, KKR listed its shares on the exchange and anticipates a listing on the New York Stock Exchange.[106]

Since 2008

Since the closure of the credit markets in 2007 and 2008, Blackstone has managed to close only a small number of sizable transactions. In January 2008, Blackstone made a small co-investment alongside TPG Capital and Apollo Management in their buyout of Harrah's Entertainment, although that transaction had been announced during the buyout boom period. Other notable investments that Blackstone completed in 2008 and 2009 included AlliedBarton, ,[107][108] Apria Healthcare and CMS Computers.

Among the firm's two largest investments since the buyout boom have been The Weather Channel and the announced acquisition of Busch Entertainment. In July 2008, Blackstone, together with NBC Universal and Bain Capital agreed to purchase The Weather Channel from Landmark Communications.[109][110] In October 2009, Anheuser-Busch InBev announced the sale of its Busch Entertainment Corporation theme parks division to Blackstone for $2.7 billion.[111][112] SeaWorld Parks were the focus of the 2013 film Blackfish, a documentary on Killer Whale attacks at these parks and the ethics of keeping them captive.

The has reported that owned by Blackstone Group will file an IPO[113] in the 2nd quarter of 2010. Merlin will be listed on the . If true this would be the second of 8 reported IPOs Blackstone plans,[114] the first being Team Health Holdings, Inc.[115] Blackstone reported at the end of 2009 revenues of $1.8bln, compared to -$349mln revenues in 2008.[116] On August 13, 2010 Blackstone announced it would buy , an energy firm, for nearly $5 billion.[117]

In 2010, Blackstone Alternative Asset Management, received magazine's 8th Annual Hedge Fund Industry award for Large Fund of Hedge Funds of the Year.[118]

February 2011: Blackstone Group LP agreed to acquire 588 malls of Centro Properties Group's U.S. shopping centers for $9.4 billion. Whereas Centro's Australian may continue their operation independently.[119]

August 2011: Blackstone Group LP agreed to buy Medical-Biller Emdeon Inc. for around $3 billion. Due to Blackstone Group LP was (the world's biggest) private-equity firm, so tender offer of Emdeon Inc. should be done with a cash payment of $19 a share, a 44 percent premium.[120]

In late 2011 Blackstone Group LP has acquired the German outdoor company Jack Wolfskin. Blackstone has moved some of its accounting functions to India.

In 2012, Blackstone was part of a consortium that offered critical financing to Knight Capital after a software glitch threatened Knight's ability to continue operations.

In November 2012, The Blackstone Group acquired a controlling interest in Vivint, , and 2GIG Technologies. [121]

In April 2013, the company confirmed that it backed out of the proposed buyout.[122]

In September 2013, Blackstone announced a strategic investment in ThoughtFocus Technologies LLC, a leading IT Service provider. The investment will establish the Blackstone Center of Excellence, an IT outsourcing and offshore delivery center, to provide key technology and other administrative service.[123] See also

◾ GSO Capital Partners ◾ Stephen A. Schwarzman ◾ List of outdoor industry parent companies References

1. ^ "Blackstone Full-Year 2012 Investor Call" (http://files.shareholder.com/downloads/BX/2383558683x0x631960/c0900527-c7f3- 499a-94c3-389d92b70b4d/Blackstone4Q12EarningsPressRelease.pdf). The Blackstone Group. January 31, 2013.

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2. ^ ab Wiliam Alden (April 18, 2013). "Public Offering Values SeaWorld at $2.5 Billion" (http://dealbook.nytimes.com/2013/04/18/seaworld-prices-i-p-o-at-top-of-range/). . Retrieved April 19, 2013. 3. ^ abcdefghij The Blackstone Group L.P., Form S-1 (http://www.sec.gov/Archives/edgar/data/1393818/000104746907002068/0001047469-07-002068-index.htm), Securities And Exchange Commission, March 22, 2007 4. ^ Kim, Soyoung. "Blackstone buys security firm Vivint for over $2 billion" (http://www.reuters.com/article/2012/09/19/us- blackstone-acquisition-idUSBRE88I0LF20120919). . Retrieved 2013-03-23. 5. ^ ab Blackstone Group: Private Equity (http://www.blackstone.com/private_equity/corp_pe/investment.html) (company website). See also: Blackstone Private Equity Investment by Transaction Size (http://www.blackstone.com/private_equity/corp_pe/portfolio.asp?Order=ByTransactionSize) (company website), Team (http://www.blackstone.com/private_equity/corp_pe/team.html) (company website). Accessed 2009-02-20 6. ^ abc Blackstone Said to Prepare for I.P.O. (http://dealbook.blogs.nytimes.com/2007/03/16/blackstone-said-to-prepare-for-ipo/) New York Times, March 16, 2007 7. ^ ab Anderson, Jenny. "Blackstone Founders Prepare to Count Their Billions (http://www.nytimes.com/2007/06/12/business/12blackstone.html)." New York Times, June 12, 2007. 8. ^ New bosses, new rules (http://articles.latimes.com/2007/aug/12/opinion/op-candaele12). LA Times, August 12, 2007 9. ^ ab Data collected from Preqin, a private equity database system 10. ^ ab A trash hauler is buying a much bigger rival, a type of deal that makes a bit nervous (http://query.nytimes.com/gst/fullpage.html?res=980CE5DF113FF93AA35750C0A96F958260). New York Times, March 9, 1999 11. ^ Equity Firm Attracted to Attractions (http://www.nytimes.com/2007/03/06/business/06wax.html). New York Times, March 6, 2007 12. ^ Blackstone Private Equity Investment by Transaction Size (http://www.blackstone.com/private_equity/corp_pe/portfolio.asp? Order=ByTransactionSize) (company website). Accessed 2009-02-20 13. ^ Kim, Soyoung; Roumeliotis, Greg (9 September 2012). "Blackstone buys security firm Vivint for over $2 billion" (http://www.reuters.com/article/2012/09/19/us-blackstone-acquisition-idUSBRE88I0LF20120919). Reuters. Retrieved 4 January 2013. 14. ^ Blackstone Real Estate Overview (http://www.blackstone.com/real_estate/). (company website). Accessed 2009-02-20 15. ^ Blackstone Real Estate Investment Portfolio (http://www.blackstone.com/private_equity/corp_pe/portfolio.asp? Order=ByTransactionSize) ( at company website). Accessed 2009-02-20 16. ^ Alex Hawkes (http://www.guardian.co.uk/business/2011/jun/02/blackstone-denies-blame-for-southern-cross?INTCMP=SRCH) Blackstone denies blame for Southern Cross's plight guardian.co.uk, Thursday 2 June 2011 17. ^ Nils Pratley (http://www.guardian.co.uk/business/2011/jun/02/was-southern-cross-always-sickly?INTCMP=SRCH) Was Southern Cross always sickly underneath? guardian.co.uk, Thursday 2 June 2011 18. ^ "Blackstone to Buy Stakes in Apartment Complexes From GE Unit" (http://online.wsj.com/article/SB10001424127887324769704579009071517729420.html). August 12, 2013. 19. ^ Blackstone to Buy GSO Capital (http://dealbook.blogs.nytimes.com/2008/01/10/blackstone-to-buy-gso-capital/). New York Times, January 10, 2008 20. ^ Blackstone to Buy Hedge Fund to Strengthen Credit Operations (http://www.nytimes.com/2008/01/11/business/11blackstone.html). New York Times, January 11, 2008 21. ^ ab Blackstone To Rationalize Single Manager Hedge Funds Businesses In Efficiency Move (http://online.barrons.com/article/PR- CO-20081223-903729.html). Press Release, December 23, 2008 22. ^ Schwarzman Unbowed (http://www.bloomberg.com/news/marketsmag/mm_0309_story3.html). Bloomberg Markets, March 2009 23. ^ Blackstone Financial Advisory: Selected Clients (http://www.blackstone.com/financial_advisory/mergers/clients.html) (company website). Accessed 2009-02-20 24. ^ Moore, Heidi N. (December 12, 2008). "GM Hires Blackstone" (http://blogs.wsj.com/deals/2008/12/12/meet-the-undertakers- gms-bankruptcy-advisers/). Wall Street Journal. Retrieved 2008-12-12. 25. ^ "Blackstoin Restructuring & Reorganization: Selected Transactions" (http://www.blackstone.com/businesses/financial- advisory/restructuring-reorganization/selected-transactions/enron).(Company website) Accessed 10/20/2012 26. ^ Blackstone: Private Placement Advisory Overview (The Park Hill Group) (http://www.blackstone.com/financial_advisory/private/index.html). Company website, Accessed 2009-02-20 27. ^ Park Hill Group: About Us (http://www.parkhillgroup.com/about.htm). Company website, Accessed 2011-1-26 28. ^ Company website, Accessed 2012-10-01 (http://www.blackstone.com/careers/careers-at-blackstone/technology.) 29. ^ Company website, Accessed 2012-10-01 (http://www.blackstone.com/the-firm/our-people/john-fitzpatrick.) 30. ^ Blackstone Unit Wins in No-Lose Codere Trade: Corporate Finance (http://www.bloomberg.com/news/2013-10-22/blackstone- unit-wins-in-no-lose-codere-trade-corporate-finance.html) 31. ^ "Blackstone responds to Jon Stewart" - http://finance.fortune.cnn.com/2013/12/05/blackstone-vs-daily-show/ 32. ^ David Carey and John E. Morris, King of Capital: The Remarkable Rise, Fall and Rise Again of Steve Schwarzman and Blackstone (Crown 2010) (http://king-of-capital.com/), pp. 45-56 33. ^ Private equity power list: #1 The Blackstone Group (http://money.cnn.com/galleries/2007/fortune/0702/gallery.powerlist.fortune/index.html). Fortune, July 2, 2007 34. ^ Blackstone etymology (http://www.thedeal.com/dealscape/2007/06/blackstone_etymology.php). The Deal, June 26, 2007 35. ^ King of Capital, pp. 121-123 36. ^ Business People; Blackstone Hires Shearson Officer (http://query.nytimes.com/gst/fullpage.html? res=9B0DE4D8143FF936A1575BC0A961948260). New York Times, August 25, 1987 37. ^ Hutton-Shearson Deal Announced (http://query.nytimes.com/gst/fullpage.html? res=9B0DE5DC1239F937A35751C1A961948260)". New York Times, December 4, 1987. 38. ^ "Hutton Sets Fees (http://query.nytimes.com/gst/fullpage.html?res=9B0DE6DE1F3DF93AA35751C1A961948260)". New York Times, December 9, 1987 39. ^ "Sony and CBS Records: What a Romance! (http://query.nytimes.com/gst/fullpage.html? res=940DE6DE1339F93BA2575AC0A96E948260)". New York Times, September 18, 1988

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40. ^ King of Capital, pp. 45-56 41. ^ A Big Fund Ready to Capitalize on Hard Times (http://query.nytimes.com/gst/fullpage.html? res=9B0DE3DD1638F930A25752C1A961948260). New York Times, November 13, 1987 42. ^ "Mortgage Unit Leaders To Join Blackstone (http://query.nytimes.com/gst/fullpage.html? res=940DE1DE153FF937A35750C0A96E948260)". New York Times, March 4, 1988 43. ^ "Nikko Acquires 20% of Blackstone Group (http://query.nytimes.com/gst/fullpage.html? res=940DE5DD1F3AF930A25751C1A96E948260)". New York Times, December 13, 1988 44. ^ King of Capital, pp. 144-147 45. ^ "Stockman Forming Own Buyout Concern (http://query.nytimes.com/gst/fullpage.html? res=9D04E3D8153CF934A2575AC0A96F958260)". New York Times, September 17, 1999 46. ^ "Stockman Is Charged With Fraud (http://www.nytimes.com/2007/03/27/business/27stockman.html)". New York Times, March 27, 2007 47. ^ "CNW Accepts Buyout Bid From Blackstone Group (http://query.nytimes.com/gst/fullpage.html? res=950DE5DA1538F934A35755C0A96F948260)". New York Times, June 7, 1989 48. ^ "2 Wall Street Firms Join To Buy Savings Units (http://query.nytimes.com/gst/fullpage.html? res=950DE7DD103DF931A25756C0A96F948260)". New York Times, May 12, 1989 49. ^ U.S. Mergers Firm Is Forming British Link (http://query.nytimes.com/gst/fullpage.html? res=9C0CE2DF1030F930A15757C0A966958260). New York Times, April 23, 1990 50. ^ Chairman Is Named For Blackstone Unit (http://query.nytimes.com/gst/fullpage.html? res=9D0CE5DB163FF936A35757C0A967958260). New York Times, April 5, 1991 51. ^ Prime to Sell Interest in Inns to Blackstone (http://query.nytimes.com/gst/fullpage.html? res=9C0CE2DC1F30F937A15756C0A966958260). New York Times, May 24, 1990 52. ^ Blackstone Unit to Buy Days Inns (http://query.nytimes.com/gst/fullpage.html? res=9D0CEFDA113FF932A35753C1A967958260). New York Times, October 1, 1991 53. ^ Hospitality to Acquire Super 8 Motels (http://query.nytimes.com/gst/fullpage.html? res=9F0CE0DE1639F934A25751C0A965958260). New York Times, February 17, 1993 54. ^ The Loewen Group and Blackstone Capital Partners form corporate venture to acquire Prime Succession (http://findarticles.com/p/articles/mi_m0EIN/is_/ai_18390971). Business Wire, June 17, 1996. Accessed 2009-02-20. 55. ^ Loewen And Blackstone To Make Joint Purchase (http://query.nytimes.com/gst/fullpage.html? res=9D05E4D91439F93BA25755C0A960958260). New York Times, June 18, 1996 56. ^ Loewen Buys Big Cemetery, And Its Suitor Criticizes Deal (http://query.nytimes.com/gst/fullpage.html? res=9C00E3D8153DF932A1575AC0A960958260). New York Times, September 21, 1996 57. ^ Blackstone Raises $4 Billion for Fund (http://query.nytimes.com/gst/fullpage.html? res=9803E5D7153CF933A25753C1A961958260). New York Times, October 10, 1997 58. ^ Red-Hot Revival in Real Estate; Overheating Is Feared With Surge in Vulture Investing (http://query.nytimes.com/gst/fullpage.html?res=9A05E3DE1F30F935A35752C1A961958260). New York Times, November 6, 1997 59. ^ A.I.G. Will Put $1.35 Billion Into Blackstone (http://query.nytimes.com/gst/fullpage.html? res=9D00E4DE1338F932A05754C0A96E958260). New York Times, July 31, 1998 60. ^ Blackstone to Form a New Financing Unit (http://query.nytimes.com/gst/fullpage.html? res=9C01E5DE1438F93BA35757C0A96F958260). New York Times, April 8, 1999 61. ^ King of Capital, pp. 145-146 62. ^ King of Capital, pp. 148-155 63. ^ Cube, Christine (Nov 25, 2002). "Watergate Hotel For Sale" (http://www.bizjournals.com/washington/stories/2002/11/25/story1.html?page=all). Washington Business Journal. 64. ^ Staff Report (Aug 19, 2004). "Monument Realty Buys Watergate Hotel" (http://www.crenews.com/general_news/general/monument-realty-buys-watergate-hotel.html). Commercial Real Estate Direct. 65. ^ "Blackstone Acquires Debt on 7 World Trade Center" (http://www.thefreelibrary.com/Blackstone+Acquires+Debt+On+7+World+Trade+Center.-a066149308). Business Wire. October 17, 2000. 66. ^ Photographed at the in Davos, in January 2008. 67. ^ Blackstone Amasses a Record Equity Fund (http://query.nytimes.com/gst/fullpage.html? res=980DE5D61539F934A25754C0A9649C8B63). New York Times, July 17, 2002 68. ^ Finishes Sale of Houghton Mifflin To Investors (http://query.nytimes.com/gst/fullpage.html? res=9504E2DC133FF932A35752C0A9659C8B63). New York Times, January 1, 2003 69. ^ King of Capital, pp. 176, 197, 206-207 70. ^ Blackstone Group May Purchase Auto Parts Business From TRW (http://query.nytimes.com/gst/fullpage.html? res=9C05EFD61131F930A25752C1A9649C8B63). New York Times, November 13, 2002 71. ^ Blackstone Buys Majority Stake in Columbia House (http://query.nytimes.com/gst/fullpage.html? res=9F07E1DB1339F936A25756C0A9649C8B63). New York Times, May 15, 2002 72. ^ A Split-Up of Insurers of Bonds Is Considered (http://www.nytimes.com/2008/02/16/business/16bond.html). New York Times, February 16, 2008 73. ^ King of Capital, p. 225 74. ^ "Capital Firms Agree to Buy SunGard Data in Cash Deal (http://www.nytimes.com/2005/03/29/business/29sungard.html)." Bloomberg L.P., March 29, 2005 75. ^ Do Too Many Cooks Spoil the Takeover Deal? (http://www.nytimes.com/2005/04/03/business/yourmoney/03dealbook.html). New York Times, April 3, 2005 76. ^ The Blackstone Group to Acquire Prime Hospitality Corp (http://www.prnewswire.com/cgi-bin/stories.pl? ACCT=105&STORY=/www/story/08-18-2004/0002234454). Press Release, August 18, 2004. Accessed 2009-02-20 77. ^ Private-Equity Firm Sees Room for Value in Hotels (http://www.realestatejournal.com/propertyreport/hotel/20050817- chittum.html). Wall Street Journal, August 17, 2005

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78. ^ Equity Firms Buy Danish Phone Company (http://query.nytimes.com/gst/fullpage.html? res=9805E4DC1531F932A35751C1A9639C8B63). New York Times, December 1, 2005 79. ^ King of Capital, pp. 239-254 80. ^ Blackstone’s Bid for Equity Office Prevails (http://www.nytimes.com/2007/02/08/business/08real.html) New York Times, February 8, 2007 81. ^ King of Capital, 231-235 82. ^ Sorkin, Andrew Ross and Flynn, Laurie J. "Blackstone Alliance to Buy Chip Maker for $17.6 Billion (http://www.nytimes.com/2006/09/16/business/16freescale.html)." New York Times, September 16, 2006 83. ^ Consortium Buys Michaels for $6 Billion (http://www.nytimes.com/2006/07/01/business/01deal.html). New York Times, July 1, 2006 84. ^ VNU Shareholders Reject $8.9 Bln Offer From KKR Group (http://www.bloomberg.com/apps/news? pid=10000085&sid=apnoYIe8t31A&refer=europe). Bloomberg, March 8, 2006 85. ^ Buyout Bid For Parent Of Nielsen (http://query.nytimes.com/gst/fullpage.html? res=9407E0DA143FF934A25752C0A9609C8B63). New York Times, January 17, 2006 86. ^ VNU Agrees To Public Offer From Private Equity Group (http://www.nielsen.com/media/2006/pr_2006_0308_2.pdf). Press Release, March 8, 2006 87. ^ "Company News Headlines" (http://www.nasdaq.com/aspx/company-news-story.aspx? storyid=200909220936dowjonesdjonline000194&title=update-blackstone-lion-sell-orangina-get-eur26-billion---source). NASDAQ.com. Retrieved 2013-01-29. 88. ^ Cadbury Sells Beverage Unit to Two Firms (http://www.nytimes.com/2005/11/22/business/worldbusiness/22drink.html). New York Times, November 22, 2005 89. ^ King of Capital, pp. 314-318 90. ^ Sachdev, Ameet. " Orbitz travels to 4th owner: Blackstone Group to buy from Cendant." (http://www.highbeam.com/doc/1G1- 147699028.html), Tribune, July 1, 2006. Accessed September 15, 2007. 91. ^ Fineman, Josh. "Cendant to sell Orbitz to Blackstone for $4.3 Bln" (http://www.bloomberg.com/apps/news? pid=20601087&sid=a5zd1iiOoP5g&refer=home), Bloomberg.com, June 30, 2006. Accessed September 15, 2007. 92. ^ Parkinson, Gary (October 26, 2006). "Private-equity companies snap up United Biscuits in a £1.6bn" (http://www.findarticles.com/p/articles/mi_qn4158/is_20061026/ai_n16803530). The Independent. Retrieved 2007-04-12. 93. ^ "Blackstone and PAI complete purchase of UB" (http://web.archive.org/web/20070927180234/http://www.unitedbiscuits.com/80256C1A0047922E/vWeb/pcHHUS6WHM5F) (Press release). United Biscuits. December 15, 2006. Archived from the original (http://www.unitedbiscuits.com/80256C1A0047922E/vWeb/pcHHUS6WHM5F) on September 27, 2007. Retrieved 2007-04-12. 94. ^ [1] (http://www.rgis.com/us_en/news/pressrelease/2010/press-release-2007-03-21-blackstone.aspx). RGIS Press Release, March, 21st 2007 95. ^ de la Merced, Michael J. "Biomet Accepts Sweetened Takeover Offer (http://www.nytimes.com/2007/06/08/business/08biomet.html)." New York Times, June 8, 2007. 96. ^ Blackstone to Buy Hilton Hotels for $26 Billion (http://www.nytimes.com/2007/07/04/business/04deal.html). New York Times, July 4, 2007 97. ^ High-Water Mark (http://query.nytimes.com/gst/fullpage.html?res=9C02E3D6103CF937A35754C0A96E9C8B63). New York Times, July 4, 2008 98. ^ King of Capital, pp. 299-300 99. ^ Private Firms Use Closed-End Funds to Tap the Market (http://www.nytimes.com/2004/04/17/business/17hedge.html? ex=1231909200&en=3e437becdf88809d&ei=5070). New York Times, April 17, 2004 100. ^ Blackstone Group Postpones Fund Offering (http://query.nytimes.com/gst/fullpage.html? res=9F05E2DE153AF935A25754C0A9629C8B63). New York Times, July 16, 2004 101. ^ King of Capital, pp. 221-223 102. ^ King of Capital, pp. 255-267 103. ^ Alliant Insurance Services, Inc. to be acquired by Blackstone and Management, June 3, 2007 (http://www.blackstone.com/news/press-releases/alliant-insurance-services-inc-to-be-acquired-by-blackstone-and-management/) 104. ^ Sorkin, Andrew Ross and de la Merced, Michael J. "News Analysis Behind the Veil at Blackstone? Probably Another Veil (http://www.nytimes.com/2007/03/19/business/19blackstone.html)." New York Times, March 19, 2007. 105. ^ KKR & Co. L.P., Form S-1 (http://www.sec.gov/Archives/edgar/data/1404912/000104746907005446/a2178646zs-1.htm), Securities And Exchange Commission, July 3, 2007 106. ^ KKR lists on Euronext; NYSE is next (http://www.forbes.com/feeds/afx/2009/10/01/afx6955603.html). Reuters, October 1, 2009 107. ^ Equity Firms Acquiring Food Supplier (http://www.nytimes.com/2008/01/19/business/19food.html). Bloomberg, January 19, 2008 108. ^ Blackstone, Wellspring to acquire Performance Food Group in $1.3bn deal (http://www.altassets.com/news/arc/2008/nz12542.php). AltAssets, January 18, 2008 109. ^ Michael J. de la Merced (July 7, 2008). "Weather Channel Is Sold to NBC and Equity Firms" (http://www.nytimes.com/2008/07/07/business/media/07weather.html). New York Times. Retrieved 2008-09-17. 110. ^ Robert Marich. "The Weather Channel Sale Wraps" (http://www.broadcastingcable.com/article/CA6595811.html). Broadcasting & Cable. Retrieved 2008-09-26. 111. ^ Blackstone to buy A-B InBev's theme parks for $2.7 billion (http://www.marketwatch.com/story/blackstone-buys-a-b-inbevs- theme-parks-for-27b-2009-10-07). MarketWatch, Oct. 7, 2009 112. ^ InBev may sell US theme parks (http://www.boston.com/business/articles/2008/07/16/inbev_may_sell_us_theme_parks/). Boston Globe, July 16, 2008 113. ^ "Blackstone's Merlin Entertainment to Go Public in '10, FT Says" (http://www.bloomberg.com/apps/news? pid=20601102&sid=awn5jIZ1Y6UM). Bloomberg. October 23, 2009. 114. ^ "Blackstone plans portfolio IPOs: source" (http://www.reuters.com/article/businessNews/idUSTRE59B01M20091012? feedType=RSS&feedName=businessNews). Reuters. October 12, 2009. 115. ^ Wahba, Phil (October 6, 2009). "Blackstone-owned hospital staffing company files IPO" (http://uk.reuters.com/article/idUKTRE5954ZC20091006). Reuters.

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116. ^ Opalesque (26 February 2010). "Blackstone revenues in 2009 show strong bounce back from 2008" (http://www.opalesque.com/57389/blackstone/Fund_of_hedge_funds_far_from841.html). 117. ^ "Finance after the crisis: Survival of the richest" (http://www.economist.com). The Economist (The Economist Newspaper Limited) 396 (8696): 59. 21–27 August 2010. 118. ^ [2] (http://www.hedgefundindustryawards.com/2010/default.html) Hedge Fund Industry Awards, The 8th Annual Hedge Fund Awards, Retrieved June 2011 119. ^ Whitley, Angus; Saminather, Nichola (February 28, 2011). "Blackstone Said to Acquire Centro's U.S. Shopping Centers for $9.4 Billion" (http://www.bloomberg.com/news/2011-02-28/blackstone-to-buy-centro-s-u-s-assets-for-9-4-bln-wsj-says.html). Bloomberg. 120. ^ Nussbaum, Alex; Kelly, Jason (August 4, 2011). "Blackstone Group Agrees to Acquire Medical-Biller Emdeon for $3 Billion" (http://www.bloomberg.com/news/2011-08-04/blackstone-to-buy-health-care-biller-emdeon-in-deal-valued-at-3- billion.html). Bloomberg. 121. ^ De, Michael J. "The Blackstone Group News - The New York Times" (http://topics.nytimes.com/top/news/business/companies/blackstone_group/index.html). Topics.nytimes.com. Retrieved 2013-01-29. 122. ^ Jolie O'Dell, VentureBeat. “Blackstone just backed out of its proposed Dell buyout (http://venturebeat.com/2013/04/19/blackstone-may-have-just-backed-out-of-dell-buyout/).” April 19, 2013. Retrieved on April 19, 2013. 123. ^ Blackstone Announces Strategic Investment in ThoughtFocus Technologies - WSJ.com (http://online.wsj.com/article/PR-CO- 20130930-905959.html). Online.wsj.com (2013-09-30). Retrieved on 2013-12-06.

◾ David Carey, John E. Morris (2010). King of Capital: The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone. ◾ The Making of a Wise Man (http://www.nytimes.com/2004/11/28/business/yourmoney/28rich.html). New York Times, November 28, 2004

External links

◾ Official website (http://www.blackstone.com/)

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http://en.wikipedia.org/wiki/The_Blackstone_Group 2/01/2014