Blackstone Group LP (NYSE:BX) has announced that GSO/Blackstone Debt Funds Management LLC (DFM), a business unit of the Blackstone Group affiliate GSO Capital Partners LP, has entered into a definitive purchase agreement with Callidus Capital Management LLC to acquire the Collateral Management Agreements from all CDO and CLO funds managed by Callidus. The nine funds to be acquired by DFM invest mostly in leveraged loans and high yield bonds. Total assets within the funds are $3.2 billion. The acquisition will close when certain necessary consents are received. The financial terms of the agreement have not been disclosed.
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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. In September 2009, it sold 57% interest in Cineworld Group PLC. In December 2009, Pinnacle Foods Group LLC, a private equity portfolio company of the Company, completed its acquisition of Birds Eye Foods, Inc.
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