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Investment firm Blackstone will become a corporation in July, shifting from its current status as a publicly-traded partnership.
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Making the change to a corporation will allow “double the number of people” who are able to buy Blackstone’s stock, CEO Stephen Schwarzman said on CNBC’s “Squawk Box.” Being a publicly-traded partnership has been “very irksome,” Schwarzman said, as it disqualifies Blackstone from “being able to be owned by a huge number of potential buyers.”
“If you look at the ability to have people buy your stock: Double the number and we’ll grow more,” Schwarzman said. “That’s just in the U.S. There are people who are non-U.S., in foreign countries; they can’t buy us either.”
Shares of Blackstone surged 9.5% in premarket trading from Wednesday’s close of $35.93 a share.
Blackstone has $512 billion in assets under management as of the company’s first quarter 2019 results, released Thursday. The firm has been a publicly-traded partnership since its IPO in 2007.
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