Blackstone Inc. - BX STOCK NEWS

Jersey Mike's Subs announced a major deal where Blackstone will acquire a majority ownership stake in the company. Founder and CEO Peter Cancro will retain significant equity and continue leading the business. The partnership aims to accelerate Jersey Mike's expansion and enhance its technology investments. With over 3,000 locations nationwide, Jersey Mike's ranks #2 on Entrepreneur's 2024 Franchise 500. The transaction is expected to complete in early 2025, subject to regulatory approvals. Blackstone brings extensive experience in growing franchise businesses, having previously invested in Hilton Hotels, SERVPRO, Tropical Smoothie Cafe, and 7Brew.

Blackstone has announced plans to acquire Retail Opportunity Investments Corp. (ROIC) in an all-cash transaction valued at approximately $4 billion, including outstanding debt. The deal values ROIC shares at $17.50 per share, representing a 34% premium to ROIC's closing price on July 29, 2024. ROIC's portfolio includes 93 grocery-anchored retail properties totaling 10.5 million square feet across Los Angeles, Seattle, San Francisco, and Portland. The transaction, approved by ROIC's Board of Directors, is expected to close in the first quarter of 2025, subject to stockholder approval and customary conditions.

Blackstone (NYSE: BX) announced leadership changes in its Tactical Opportunities division. Chris James, current COO and founding member, will become Global Head, succeeding David Blitzer who transitions to chairman at year-end. Jas Khaira and Qasim Abbas are elevated to Head of Americas and International, respectively. The Tactical Opportunities platform, launched in 2012, manages $37 billion in assets and is the largest structured capital solutions platform globally. The division recently closed its fourth fund (BTO IV), expected to have nearly $10 billion of new capital, marking its largest vintage ever.

Blackstone has successfully closed its first series of evergreen institutional U.S. direct lending fund (BXD) with $22 billion of investable capital, significantly exceeding the $10 billion target. This achievement expands Blackstone's global direct lending platform to over $123 billion in assets under management as of Q3. The company has already deployed or committed $40 billion in direct lending through Q3, more than double the 2023 total, including major deals with CoreWeave ($7.5B), Squarespace ($2.7B), and several middle-market transactions.

OYO, a global travel technology company, has agreed to acquire G6 Hospitality, the parent company of Motel 6 and Studio 6 brands, from Blackstone Real Estate for $525 million in an all-cash transaction. This acquisition marks a significant milestone for OYO to strengthen its international presence, particularly in the United States. G6 Hospitality's franchise network generates $1.7 billion in gross room revenues, providing a strong fee base and cash flow.

OYO plans to leverage its technology suite, global distribution network, and marketing expertise to further strengthen the Motel 6 and Studio 6 brands. The transaction is expected to close in the fourth quarter of 2024, subject to customary closing conditions. Under Blackstone's ownership, G6 Hospitality transformed into a leading asset-light lodging company with a franchise network of ~1500 hotels across the US and Canada.

DECA Dental Group, backed by Blackstone (NYSE: BX), has launched a nationwide joint venture (JV) program under its Ideal Dental brand. This innovative initiative allows dentists to set up, own, operate, and grow their practices while leveraging DECA's infrastructure and brand reputation. Founded by Dr. Sulman Ahmed, DECA aims to provide high-quality, affordable dental care while fostering office growth and innovation.

The JV program offers dentists ownership opportunities and access to Ideal Dental's expertise and support systems. DECA has grown to 200 locations across 9 states under Dr. Ahmed's leadership. The program has received positive reception, with multiple agreements finalized and a pipeline extending into 2026 and beyond.

Blackstone (NYSE:BX) has announced that its Chief Financial Officer, Michael Chae, will be presenting at the Barclays Global Financial Services Conference on Wednesday, September 11, 2024, at 11:15 am ET. This event provides an opportunity for investors and analysts to gain insights into Blackstone's financial strategies and performance.

The presentation will be accessible via a live webcast on the Shareholders section of Blackstone's website at http://ir.blackstone.com. For those unable to attend or watch the live event, a replay will be made available on the company's website shortly after the presentation concludes. This allows interested parties to stay informed about Blackstone's latest updates and financial outlook.

Blackstone and CPP Investments have agreed to acquire AirTrunk, the leading Asia Pacific data center platform, for an implied enterprise value of over A$24 billion. This marks Blackstone's largest investment in the Asia Pacific region. AirTrunk operates in Australia, Japan, Malaysia, Hong Kong, and Singapore, with over 800MW of capacity committed to customers and potential for 1GW of future growth.

The acquisition aligns with Blackstone's strategy to be the leading global digital infrastructure investor. Prior to this deal, Blackstone's portfolio included US$55 billion in data centers and a US$70 billion prospective pipeline. The transaction is subject to approval from the Australian Foreign Investment Review Board.

Blackstone Real Estate Income Trust (BREIT) has announced a significant leadership change. Wesley LePatner, the current Chief Operating Officer, will become BREIT's Chief Executive Officer on January 1, 2025. She will succeed Frank Cohen, who plans to retire from Blackstone at year-end after nearly 30 years with the company. Cohen will remain Chairman of BREIT's Board of Directors.

LePatner, who joined Blackstone in 2014, has been integral to BREIT's success, having helped conceive, build, and operationalize the strategy as COO and a Board member. BREIT's portfolio is over 85% concentrated in data centers, industrial, and rental housing sectors, which are benefiting from megatrends. Since its inception over seven and a half years ago, BREIT has delivered a 10% annualized net return on Class I, outperforming publicly traded REITs by approximately 2x.