Blackstone founders get $2,3bn windfall |
| Business Day - Jun 12, 2007 |
BLACKSTONE co-founders Step-hen Schwarzman and Peter G Peterson will get $2,33bn and keep 28% of the company after its planned initial public offering (IPO), the largest by a private equity firm.
Schwarzman will receive $449,2m for selling some of his holdings, leaving him with a 24% stake, New York-based Blackstone said yesterday. Peterson will get $1,88bn and own 4% of the company.
Blackstone, manager of the world’s second-largest buyout fund, plans to go public as soon as this month after taking part in $199bn of deals in the past 20 years. The company, which started with $400000, will have a market value of $32,4bn, with 12,3% of the shares held by the public and China’s state investment company buying a 9,7% stake in a private transaction.
Read Full Article from Business Day
- Posted: 2007-06-12 10:18:36
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