Blackstone Inc - BX STOCK NEWS

SpineGuard and XinRong Medical Group have expanded their collaboration with the signing of three agreements. This includes an exclusive distribution extension for SpineGuard products in China, funding for the registration process of new products, and potential co-development of a Smart Screw system for the Chinese spinal surgery market. The expansion will allow XinRong Medical to sell a wider range of SpineGuard's DSG spinal drilling probes in China. The NMPA registration for these devices will be funded by XinRong Medical. SpineGuard will issue new shares priced at €1.00 per share to fund the registration process. The companies are also considering the co-development of a DSG enabled single step pedicle screw system. China's spine market is the second-largest in the world.

Blackstone (NYSE: BX) has announced the acquisition of a majority stake in Emerson’s (NYSE: EMR) Climate Technologies business, with Ross B. Shuster appointed as CEO of the new standalone entity. The deal is expected to close in the first half of 2023 and encompasses the Copeland compressor business, generating around $5.0 billion in fiscal 2022 sales. This acquisition positions the Climate Technologies business to focus on energy-efficient heating and cooling solutions amid rising demand for sustainable products. Shuster, a seasoned executive with over 25 years of experience, aims to spearhead growth and innovation while addressing global climate challenges. Blackstone emphasizes its commitment to building a leader in the climate technologies space, enhancing carbon reduction efforts and sustainability initiatives.

Blackstone (NYSE: BX) is expanding its partnership with Dominium to support the development of Casa Azure, a new affordable housing project in Phoenix, Arizona. The investment includes an additional $31 million in tax credit equity, increasing the total investment in affordable housing in Maricopa County to $79 million for 568 new units. Casa Azure will provide 196 age-restricted units aimed at seniors earning at or below 60% of the area median income, featuring amenities like a pool and fitness center. Blackstone's commitment reflects its strategy to address the affordable housing crisis in the U.S.

Blackstone has successfully closed its latest global real estate fund, Blackstone Real Estate Partners X (BREP X), accumulating $30.4 billion in total capital commitments. This represents the largest real estate or private equity drawdown fund ever raised, contributing to a total of $50 billion across Blackstone's three opportunistic strategies. With a solid track record, Blackstone has achieved a 16% net IRR on over $100 billion in BREP global funds in over 30 years. To adapt to market changes, Blackstone has shifted its investment focus, with about 80% in logistics, rental housing, hospitality, lab office, and data centers. Blackstone's leadership acknowledges that the current market volatility presents unique investment opportunities.

Blackstone (NYSE: BX), the largest alternative asset manager globally, announced the opening of a new office in Frankfurt, Germany, spanning 1,300 square meters in the OMNITURM. This office will support Blackstone’s private equity, real estate, credit, and private wealth solutions businesses across Europe. With over €17 billion invested in Germany and approximately €7 billion in German real estate, Blackstone highlights its continued commitment to the German market. Current notable investments include Leica and Schenck Process, alongside significant financing provided in the DACH region.