Blackstone was founded in 1985 as a mergers and acquisitions boutique by Peter G. Peterson and Stephen A. Schwarzman, who had previously worked together at Lehman Brothers, Kuhn, Loeb Inc.. Blackstone has become one of the world's largest private equity investment firms. [88], In November 2013, Merlin Entertainments, owned in part by Blackstone Group, became a public company via an initial public offering on the London Stock Exchange. 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. [57], Blackstone made a significant investment in Financial Guaranty Insurance Company (FGIC), a monoline bond insurer alongside PMI Group, The Cypress Group and CIVC Partners. [151][152], After the subprime mortgage crisis, Blackstone Group LP bought more than $5.5 billion worth of single-family homes to rent, and then be sold when the prices rise. The company restructured its debt in 2010. In 2007, Blackstone became a public company with a $4 billion IPO, becoming one of the first major private equity firms to list shares in its management company on the public stock market. Exhibit 21.1 . [23], Blackstone also ventured into other businesses, most notably investment management. During the buyout boom of 2006 and 2007, Blackstone completed some of the largest leveraged buyouts. In 2009 Blackstone purchased Busch Entertainment (comprising the Sea World Parks, Busch Garden Parks and the two water parks). [17]:145–146, Blackstone's 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 In May 2011, Southern Cross, now independent, was almost bankrupt, jeopardising 31,000 elderly residents in 750 care homes. The largest investors in the first fund included Prudential Insurance Company, Nikko Securities and the General Motors pension fund. [44] Also in 1997, Blackstone made its first investment in Allied Waste. [158][159][160], In separate cases in 2018 and 2019, the hotel chain Motel 6, owned by Blackstone, agreed to settle for a total of $19.6 million for giving guest lists to U.S. Immigration and Customs Enforcement (ICE) without a warrant. In July 2020, Blackstone invested US$200m in the Swedish oat milk brand, In August 2020, Blackstone announced that it will buy a majority stake in. for $3.5 billion. Blackstone was originally formed as a mergers and acquisitions advisory boutique. ", "Blackstone snaps up Ancestry.com in $4.7bn deal", "Blackstone buys Takeda's over-the-counter business for $2.3bn", Blackstone Private Equity Investment by Transaction Size, Blackstone Real Estate Investment Portfolio, "Blackstone to Buy Stakes in Apartment Complexes From GE Unit", "Blackstone to Sell California Office Buildings for $3.5 Billion", "Blackstone traekker sig fra omstridt ejendomhandel (Blackstone withdraws from disputed real estate trade)", Blackstone to Buy Hedge Fund to Strengthen Credit Operations, "Trump's billionaire adviser stands to gain from policies he helped shape", "Major Trump donor plans private fundraiser with Romney", "Steve Schwarzman Explains Why He Counsels Trump", "Motel 6 to pay $7.6 million for giving guest lists to U.S. immigration", "Motel 6 pays $12 million for sharing guest lists with U.S. immigration: Washington AG", "A Top Financier of Trump and McConnell Is a Driving Force Behind Amazon Deforestation", "Warren says Blackstone worsening climate change in new private equity salvo", "The Finance 202: Elizabeth Warren is escalating attacks on private equity.
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