The Blackstone Group (NYSE: BX) has sold over half of their stake in Cineworld Group Plc. (LON: CINE) for approximately $102.8 million. Cineworld had said that Blackstone had sold 38.1 million shares in their company at 165 pence a share. Blackstone would now hold about 20%.
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The Blackstone Group L.P. is an alternative asset manager and provider of financial advisory services. It is an independent alternative asset manager with assets under management of $94.56 billion, as of December 31, 2008. Its alternative asset management businesses include the management of corporate private equity funds, real estate funds, funds of hedge funds, credit-oriented funds, collateralized loan obligation vehicles and publicly-traded, closed-end mutual funds. It also provides financial advisory services, including corporate and mergers and acquisitions advisory, restructuring and reorganization advisory and fund placement services. It operates in four segments: Corporate Private Equity, Real Estate, Marketable Alternative Asset Management and Financial Advisory. On March 3, 2008, it acquired GSO Capital Partners LP and certain of its affiliates. In August 2008, it established a business group, Cleantech Energy Group. In October 2008, it acquired Apria Healthcare Group Inc.
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