Blackstone Group filed an IPO today to sell $4 billion in common units. The common units, which have limited voting rights, will trade on the New York Stock Exchange.
Much of the control of the private equity firm including selecting directors and general partners will remain in the hands of founders Stephen A. Schwarzman, chairman and CEO, and Peter G. Peterson, senior chairman. Blackstone is currently owned by a group that includes the founders and senior managing directors, selected individuals and American International Group.
According to the company filing, the $78.7 billion buyout firm is going public in part to access permanent sources of capital to finance future acquisitions and to permit the realization over time of the value of our equity held by our existing owners.