China Investment Corp. has sold its 9.9% stake in Blackstone Group.
CIC bought its stake in June 2007 for $3 billion, at a discount, sources said. Blackstone went public that month.
CIC held the stake through an investment vehicle, Beijing Wonderful Investments. As of Feb. 22, Beijing Wonderful Investments had sold its entire stake, according to Blackstone's recent 10-K filed with the Securities and Exchange Commission.
Sources said CIC sold its stake over time. Blackstone had agreed in February 2017 to allow Beijing Wonderful Investments to sell its remaining 54,470,009 non-voting common units, according to its 10-K filed last year.
"We greatly value our partnership with CIC and are grateful for their successful, long-term investment in our firm. We continue to expand this important relationship as one of CIC's major asset managers and look forward to working closely together," Blackstone said in an emailed statement.
