Blackstone Announces 21-bln Euro Recapitalization Of Mileway

(RTTNews) - Blackstone Inc. (BX), an alternative asset management firm specializing in real estate, private equity etc. on Tuesday announced that existing investors in Mileway, its 14.7 million square meter pan-European last mile logistics company, have agreed to recapitalize the company for 21 billion euros alongside Blackstone's Core+ strategy, and to hold the business for the long term.

Existing Mileway investors have been offered the opportunity to retain or increase their shareholding, or exit for cash. The large majority of capital for the recapitalization is coming from existing investors, demonstrating their strong conviction in Mileway and the sector.

Morgan Stanley & Co. International plc has provided a fairness opinion with respect to the consideration to be received and Eastdil Secured International Limited has provided a real estate value fairness opinion, to the existing investors.

To further confirm this transaction represents the best available outcome for the existing investors, Blackstone is commencing a "go-shop" process on behalf of Mileway's current investors, which would be led by Morgan Stanley & Co. International plc and run up to 75 days. The "go-shop" process would commence immediately.

BofA Securities, Eastdil Secured International Limited, Goldman Sachs International, Jones Lang LaSalle Limited, JP Morgan Securities plc, Morgan Stanley & Co. International plc, and Rothschild & Co are serving as financial advisors to the existing investors.

Simpson Thatcher & Bartlett LLP is serving as legal advisor to Blackstone.

Shares of Blackstone Inc. closed Monday's trading at $121.20, down $2.37 or 1.92 percent from previous close.