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    Home»Private Equity»Blackstone doubles second quarter earnings on surging asset sales
    Private Equity

    Blackstone doubles second quarter earnings on surging asset sales

    July 22, 20211 Min Read
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    Blackstone Group Inc (BX.N) said on Thursday its second-quarter distributable earnings nearly doubled year-on-year, driven by a surge in asset sales across its real estate, private equity and credit businesses.

    Blackstone’s shares rose 4.5% on Thursday morning, pushing its market capitalization to a record high of $131 billion, overtaking Goldman Sachs Group Inc (GS.N), another Wall Street heavyweight.

    Blackstone’s distributable earnings, which represents the cash used to pay dividends to shareholders, rose to $1.1 billion from $548 million a year earlier.

    Blackstone said its capital deployment reached a record $23.8 billion during the quarter. It also committed to investing an additional $28.5 billion in deals such as acquiring a majority stake in medical supplier Medline Industries Inc alongside Carlyle Group Inc (CG.O) and Hellman & Friedman.

    Buoyant capital markets and rising company valuations allowed Blackstone to cash out a lot of its investments. Total asset sales reached $19.6 billion, including the $2.9 billion divestment of its portfolio of warehouse and logistics assets in Australia.

    Read more/Source: Reuters

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