Blackstone Buying GSO

Blackstone Group just announced that it is buying GSO Capital Partners, which apparently answers our earlier question about a buyout firm acquiring another buyout firm (we also asked it yesterday on the peHUB Facebook group). Interesting timing, given that GSO is in the midst of renegotiating its Reddy Ice buyout.

Here’s the press release: Blackstone_GSO.pdf

Blackstone will pay $930 million in cash and stock, and is instituting a $500 million stock buyback to help finance offset the dilution. Further details will come during a 1:30pm conference call (which I’ll live-blog for you). GSO doesn’t seem to necessarily add any new capabilities to Blackstone, but should nonetheless help it keep building critical mass.