Blackstone To Acquire ESG Platform Sphera For $1.4 Bln

(RTTNews) - New York-based investment firm Blackstone Holdings (BX) Tuesday announced that the company has agreed to buy Sphera, an environmental, social, and governance platform, from Genstar Capital for $1.4 billion.

The software is used to safeguard different companies from environmental, sustainability, operational, and other potent risks. The platform has 3000 clients in 100 countries across the world.

Eli Nagler, a Senior Managing Director of the investment firm, said: "The increasing importance of environmental, social, governance issues to businesses globally is a key thematic investing focus for Blackstone. Sphera has established itself as a market leader in the ESG software and solutions space, and we're excited to partner with Paul and this best-in-class management team to continue to accelerate their impressive growth trajectory."

The payment will be made through Blackstone's flagship private equity vehicle and Simpson Thacher & Bartlett LLP will be the legal advisors to Blackstone and Evercore served as financial advisor to Genstar and the Company.