BX Blackstone Inc

By Colin Kellaher

Cryoport Inc. on Tuesday said it agreed to buy MVE Biological Solutions, the cryobiological products unit of Chart Industries Inc., for $320 million in cash in a deal backed by private-equity firm Blackstone Group Inc.

Cryoport said it would receive a $275 million investment from funds managed by Blackstone Tactical Opportunities to help fund the MVE acquisition.

The investment includes $250 million of a newly designated perpetual 4% Series C convertible preferred stock, along with $25 million of common stock.

Cryoport, a Brentwood, Tenn., provider of temperature-controlled supply-chain solutions for the life-sciences industry, said it would pay the remainder of the purchase price from its cash balance.

Chart, a Ball Ground, Ga., maker of engineered equipment, said it would use proceeds from the sale to pay down debt and to continue expansion into its high-growth focus areas, including hydrogen, carbon capture and other specialty markets.

Cryoport said it expects to complete the acquisition by the end of the year.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

August 25, 2020 07:47 ET (11:47 GMT)

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