blackstone-inks-first-china-deal

Blackstone inks first China deal

The US private equity firm will pay up to $600 million for a 20% stake in specialty chemical company Bluestar. It also gains two board seats.
Blackstone has announced its first China investment, paying up to $600 million for a 20% stake in China National Bluestar, a wholly-owned subsidiary of ChemChina

In a written statement, ChemChina highlighted the benefits that the Blackstone investment could bring Bluestar, given the private equity firmÆs past exposure and understanding of the chemical industry via its ownership of Celanese Corporation and Nalco Company

With its investment, Blackstone has negotiated two board seats out of a total board strength of 10, which is proportionate with its proposed equity ownership Antony Leung, chairman for Greater China at Blackstone, and Ben Jenkins, head of Asia-Pacific private equity for Blackstone and a former director of Celanese, will join the Bluestar...
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