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Blackstone Completes $600M Chinese Deal
Blackstone acquires a 20% stake in a specialty chemicals unit of state-owned ChemChina.
October 6, 2008
The Blackstone Group has completed its first deal in China, closing a $600 million investment in China National Bluestar.
The closing, announced jointly by ChemChina and Blackstone on Monday, finalizes a deal struck more than a year ago. It will give New York private equity firm Blackstone a 20% stake in Beijing-based China National, a subsidiary of state-owned ChemChina.
China National has 40 manufacturing plants around the world that produce specialty chemicals, as well as 11 research facilities spread between China and other countries.
Antony Leung and Ben Jenkins, Blackstone senior managing directors who head Blackstone Asia Pacific, will join the board of China National. Jenkins isn't unfamiliar with the chemical industry, having served as a former Celanese board member.
Blackstone's deal with China National was originally announced in September 2007, just a few months after Blackstone sold a $3 billion minority interest to a Chinese government entity in connection with its initial public offering.
UBS served as financial advisor to China National, while Merrill Lynch was Blackstone's advisor.
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