Deal Timeline

Plotted by close date where disclosed, otherwise announcement. Select any marker to jump to the deal entry.

The Rationale That Repeats.

Three patterns show up across Blackstone's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the deals below are the evidence.

01
Pattern 1
Pattern 1
GSO Capital PartnersStrategic Partners (from Credit Suisse)Harvest Fund Advisors LLCClarus (Blackstone Life Sciences)Equity Office Properties Trust
02
Pattern 2
Pattern 2
GSO Capital PartnersStrategic Partners (from Credit Suisse)Harvest Fund Advisors LLCClarus (Blackstone Life Sciences)Equity Office Properties Trust
03
Pattern 3
Pattern 3
GSO Capital PartnersStrategic Partners (from Credit Suisse)Harvest Fund Advisors LLCClarus (Blackstone Life Sciences)Equity Office Properties Trust

The Full Deal Book

15 acquisitions. Each entry carries the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.

01 GSO Capital Partners · New York, USA (offices in New York, London, Los Angeles and Houston) $635M
Announced Jan 2008 Closed Mar 2008 Cash and Blackstone Holdings partnership units, plus contingent earn-out
The combination of GSO's businesses with our existing corporate debt operations will produce one of the largest credit platforms in the alternative asset management business, with over $21 billion of total assets under management. Given the current dislocation in the credit markets, this is an ideal time to create a more powerful, diversified platform from which to grow Blackstone's business.Stephen A. Schwarzman — Chairman and CEO, Blackstone
02 Strategic Partners (from Credit Suisse) · New York, USA Not disclosed
Closed Aug 2013
03 Harvest Fund Advisors LLC · United States Not disclosed
Closed Oct 2017
04 Clarus (Blackstone Life Sciences) · Boston and San Francisco, USA Not disclosed
Closed Nov 2018
05 Equity Office Properties Trust · Chicago, USA (national office portfolio across 16 states and Washington, D.C.) $39B
Announced Nov 2006 Closed Feb 2007 All cash
We are extremely excited about this landmark transaction with Equity Office, which represents the largest private equity deal in history. We believe that the skills and strengths of Equity Office will greatly enhance our existing office platform, which has been expanded through our recent acquisitions of CarrAmerica and Trizec.Jonathan D. Gray — Senior Managing Director, The Blackstone Group
06 Hilton Hotels Corporation · Beverly Hills, California, USA (global hotel brands) $26B
Announced Jul 2007 Closed Oct 2007 All cash
Our priority has always been to maximize shareholder value. Our Board of Directors concluded that this transaction provides compelling value for our shareholders with a significant premium.Stephen F. Bollenbach — Co-Chairman and CEO, Hilton Hotels Corporation
07 Thomson Reuters Financial & Risk (Refinitiv) · Global (serving ~40,000 institutions across 190+ countries) $20B
Announced Jan 2018 Closed Oct 2018 Consortium
We are delighted to partner with Thomson Reuters in continuing to grow the Financial and Risk business. This is a landmark transaction for Blackstone and our investment partners.Joe Baratta — Global Head of Private Equity, Blackstone
08 MagicLab (Bumble / Badoo) · London, UK (global user base) $3B
Announced Nov 2019 Closed Nov 2019 Majority stake
We're excited to invest in MagicLab, which is a pioneer in the fast-growing online dating industry. They have a highly talented team and strong set of platforms, including Bumble, which was built on a commitment to inclusion and female empowerment. This partnership is a perfect example of Blackstone's ability to use its scale, long-term investment horizon, and deep bench of operational resources to help entrepreneurs take advantage of transformational growth opportunities.Jon Korngold — Head of Blackstone Growth (BXG)
09 Ancestry · United States (operations in more than 30 countries) $4.7B
Announced Aug 2020 Closed Dec 2020 Control acquisition
We are very excited to partner with Ancestry and its management team. We believe Ancestry has significant runway for further growth as people of all ages and backgrounds become increasingly interested in learning more about their family histories and themselves. Our investment is a prime example of Blackstone's continued, high-conviction focus on investing in growing, digital consumer businesses.David Kestnbaum — Senior Managing Director, Blackstone
10 QTS Realty Trust · Overland Park, Kansas, USA (footprint across North America and Europe) $10B
Announced Jun 2021 Closed Aug 2021 All cash
We are delighted to back QTS and its world-class management team as they continue to scale the company to meet the rising demand for data centers. QTS aligns with one of Blackstone's highest conviction themes - data proliferation - and the required investment makes it well suited as a long-term holding for our perpetual capital vehicles.Greg Blank — Senior Managing Director, Blackstone Infrastructure Partners
11 American Campus Communities, Inc. · Austin, Texas, USA (166 owned properties across 71 university markets) $12.8B
Announced Apr 2022 Closed Aug 2022 All cash
American Campus Communities has a best-in-class portfolio and platform, built on longstanding relationships with some of the most distinguished and fastest growing universities in the country. Our perpetual capital will enable ACC to invest in its existing assets and create much-needed new housing in university markets.Jacob Werner — Co-Head of Americas Acquisitions, Blackstone Real Estate
12 PS Business Parks, Inc. · Glendale, California, USA (93 properties, ~27 million sq ft, primarily coastal markets) $7.6B
Announced Apr 2022 Closed Jul 2022 All cash
13 Crown Resorts Limited · Australia (Crown Melbourne, Crown Perth and Crown Sydney) Not disclosed
Closed Jun 2022
We are thrilled to become the new owner of Crown, bringing our expertise in hospitality to help the company achieve its full potential as a leading travel and leisure company. We first invested in Crown two years ago, seeing the tremendous underlying potential of the company and its people.Alan Miyasaki — Head of Real Estate Acquisitions Asia, Blackstone
14 Copeland (Emerson Climate Technologies) · St. Louis, Missouri, USA (global HVACR operations) $14.0B
Announced Oct 2022 Closed May 2023 Majority-stake corporate carve-out / partnership: cash plus seller's note; Emerson retained 40% common equity
Copeland has grown into the market leader in supplying critical components for residential, commercial and industrial climate control solutions, and we are thrilled to support its next phase of growth as a world-class standalone company. Leveraging Blackstone's long track-record of successful large-scale corporate partnerships, we look forward to working with the Copeland and Emerson teams to accelerate the company's profitable, long-term growth.Joe Baratta — Global Head of Blackstone Private Equity
15 AirTrunk · Asia Pacific (Australia, Japan, Malaysia, Hong Kong and Singapore) $24B
Announced Sep 2024 Closed Sep 2024 Consortium
This is Blackstone at its best - leveraging our global platform to capitalize on our highest conviction theme. AirTrunk is another vital step as Blackstone seeks to be the leading digital infrastructure investor in the world across the ecosystem, including data centers, power and related services.Jon Gray — President and COO, Blackstone

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