Source: CCTV.com
05-22-2007 11:14
China's state foreign exchange investment company, which has yet to be fully established, has agreed to invest three billion US dollars in US private equity firm, Blackstone Group.
Top officials from the China Jianyin Investment Limited said, the country is using its forex to buy a non-voting stake in Blackstone. The U.S. firm boosted its offering by almost 20 percent after it agreed to the stake sale to China. It's now raising a combined 7.75 billion US dollars from selling stocks.
The deal will be closed concurrently with Blackstone's 4.75 billion US dollars initial public offering in mid June. The New York-based firm confirmed the IPO volume in a Securities and Exchange Commission filing on Monday. Blackstone's CEO said the deal is "purely commercial" and does not need the US government approval, as the stake is less than 10 percent.
Editor:Li Yang
