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    Home»Deals»Blackstone proposes $1.68 bln buyout of UK’s St. Modwen Properties
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    Blackstone proposes $1.68 bln buyout of UK’s St. Modwen Properties

    May 10, 20211 Min Read
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    A sign stands outside the offices of Blackstone Group LP in the Plateau de Kirchberg district of Luxembourg, on Monday, July 15, 2019. Brexit has made Luxembourg a favorite EU hub for insurers, funds and asset managers to relocate to from the U.K. Moves include those by insurance giant American International Group Inc., private-equity firm Blackstone, RSA Insurance Group Plc, U.S. insurer FM Global, Lloyd's of London insurer Hiscox Plc and asset manager M&G Investments. Photographer: Geert Vanden Wijngaert/Bloomberg
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    Private equity firm Blackstone Group has made a 1.21 billion pound ($1.68 billion) buyout proposal for St. Modwen Properties, the companies said on Friday, sending shares in the British real estate developer soaring.

    Shares in the London-listed firm climbed as much as 20% to 538 pence, just shy of the 542 pence apiece potential offer. They have gained about 30% in the past 12 months.

    The non-binding conditional offer, which follows a series of other proposals by Blackstone, was at a premium of about 21% to the stock’s last closing price.

    In February, Blackstone joined forces with former Gatwick owner GIP and Bill Gates’ investment vehicle to buy private jet services firm Signature Aviation for $4.73 billion.

    Read more at Reuters

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    Mergers and acquisitions
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