Blackstone Buys Back $500 Million in Stock From Retiring Executive James
December 08 2021 - 7:09AM
Dow Jones News
By Colin Kellaher
Blackstone Inc. said its board authorized the repurchase of up
to $2 billion worth of common stock and Blackstone Holdings
partnership units, and that it bought back $500 million in common
stock from its retiring executive vice chairman.
In a filing with the U.S. Securities and Exchange Commission,
the New York investment giant said it bought nearly 3.72 million of
the roughly 5.28 million shares recently sold by Hamilton "Tony"
James, who recently announced plans to retire in January after a
nearly two decades with the firm.
A separate SEC filing by Mr. James shows the sale price was
$134.45 a share. Blackstone shares closed Tuesday at $139.33.
Blackstone said the sales by Mr. James are mainly by family
trusts for his heirs for estate planning and necessary
diversification, and that the executive is selling only enough
shares held outside the trusts to partially fund taxes owed on the
exchange, adding that Mr. James is retaining 80% of his personal
Blackstone holdings and plans to remain a long-term
shareholder.
Blackstone, which has around 686.9 million shares outstanding
and sports a market capitalization topping $160 billion, said the
new buyback replaces a prior $1 billion authorization, and that it
expects to use share repurchases largely to offset the dilutive
effect from annual equity awards.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
December 08, 2021 06:54 ET (11:54 GMT)
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