Blackstone Buys Stake In Chinese Chemical Company
Published September 10th, 2007
Blackstone Group LP bought into a state-backed Chinese chemical producer Monday, underscoring the benefits of its government ties by sealing its first deal in China since Beijing took a $3 billion stake in the U.S. private-equity firm.
At $600 million, Blackstone’s purchase of a 20% stake in China National BlueStar (Group) Corp. is a relatively large deal in a country where regulators have been wary of selling big stakes in state firms to foreign private-equity investors. The deal further cements Blackstone’s status as a key player on the mainland.
The investment is subject to regulatory approval, the two firms said in a joint statement.
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