The Blackstone Group Prices $4.133 Billion Initial Public Offering

    NEW YORK, June 21 /CNW/ - Blackstone announced today that the initial
public offering of 133,333,334 common units representing limited partner
interests in The Blackstone Group L.P. has been priced at $31.00 per common
unit. The common units are expected to begin trading tomorrow, June 22, 2007,
on the New York Stock Exchange under the symbol "BX." The Blackstone Group has
granted the underwriters a 30-day option to purchase up to 20,000,000
additional common units at the public offering price less underwriting

    Blackstone intends to use a portion of the proceeds from the initial
public offering and the concurrent sale of $3 billion of non-voting common
units to an investment vehicle established by the People's Republic of China
with respect to its foreign exchange reserve to purchase interests in its
business from its existing owners, to repay short-term borrowings, to provide
capital to invest in its existing businesses and to expand into complementary
new businesses and for other general corporate purposes.

    Morgan Stanley and Citi are the global coordinators of the offering and
representatives of the underwriters and, together with Merrill Lynch & Co.,
Credit Suisse, Lehman Brothers and Deutsche Bank Securities, joint
book-running managers of the offering.

    The offering will be made only by means of a prospectus. Copies of the
final prospectus, when available, may be obtained by contacting Morgan Stanley
& Co. Incorporated, 180 Varick Street, New York, New York 10014, attention:
Prospectus Department, or by e-mailing, or Citi,
Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220 (tel:
718-765-6732; fax: 718-765-6734). The final prospectus, when available, also
may be on the Securities and Exchange Commission's website at

    About The Blackstone Group

    The Blackstone Group is a leading global alternative asset manager and
provider of financial advisory services. Its alternative asset management
businesses include the management of corporate private equity funds, real
estate opportunity funds, funds of hedge funds, mezzanine funds, senior debt
funds, proprietary hedge funds and closed-end mutual funds. The Blackstone
Group also provides various financial advisory services, including mergers and
acquisitions advisory, restructuring and reorganization advisory and fund
placement services.

For further information:

For further information: The Blackstone Group John Ford, +1 212 583 5559

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890