Blackstone Inc (BX)

[golden08]

NEW YORK--(BUSINESS WIRE)--The Blackstone Group L.P. (NYSE: BX) announced today that it closed the previously-announced acquisition of GSO Capital Partners LP and certain of its affiliates on March 3, 2008. The purchase price, subject to certain closing adjustments, paid by Blackstone consists of cash and Blackstone Holdings Partnership Units currently valued at $635 million in the aggregate, plus up to an additional targeted $310 million to be paid over the next five years contingent upon the realization of specified earnings targets over that period. Additionally, profit sharing and other compensatory payments subject to performance and vesting may be paid to the GSO personnel.

GSO is an alternative asset manager specializing in the leveraged finance marketplace, with approximately $10 billion under management. It manages a multi-strategy credit hedge fund, a mezzanine fund, a senior debt fund and various CLO vehicles