Blackstone Group to buy a stake in Deutsche Telekom
Blackstone Group LP has said that they are acquiring a stake in the Deutsche Telekom AG. They would be investing around $3.3 billion. This would be their first such stake purchase in a government controlled body.
Blackstone would be purchasing around 191.7 million shares. This would give them a 4.5% stake in Deutsche Telekom. This stake would be purchased from KfW Group, Germany’s state- owned development bank.
This news helped DT gain massively in the stock markets as the share prices went up by 4.3 percent to 14.23 euros. Blackstone added that they have agreed to lock up its holding in Deutsche Telekom for two years.
Blackstone Chief Executive Officer Stephen Schwarzman said in a statement on this deal: “We are committed to being long-term investors in the company.”