• Feb 21, 2006

    MeriStar Hospitality Agrees to be Acquired by The Blackstone Group

    BETHESDA, Md., February 21, 2006 — MeriStar Hospitality Corporation (NYSE: MHX), one of the nation’s largest hotel real estate investment trusts (REIT), today announced that it has signed a merger agreement to be acquired by an affiliate of The Blackstone Group in a transaction valued at approximately $2.6 billion. In the mergers contemplated by the merger agreement, each share of MeriStar common stock and each unit of limited partnership interest in MeriStar Hospitality Operating Partnership, L.P., MeriStar’s operating partnership, will be converted into the right to receive $10.45 in cash. The $10.45 per-share consideration represents a 20 percent premium over MeriStar’s closing stock price on November 10, 2005, the date prior to published reports regarding a potential acquisition of MeriStar.
  • Feb 10, 2006

    Choice One Communications and CTC Communications Announce Merger of Equals

    Combined Company to be one of the largest CLECs in the U.S. Waltham, MA and Rochester, NY , February 10, 2006 — CTC Communications and Choice One Communications today announced their agreement to enter into a merger of equals, creating one of the largest competitive local exchange carriers (CLECs) in the United States, and the largest privately held CLEC in the Northeast. Post merger, the combined entity is expected to generate over $550 million in annual revenues by serving over 100,000 customers by way of over 1,000,000 access line equivalents. The companies’ combined network will consist of 7,000 route miles of fiber connecting 630 collocations. The current shareholders of Choice One and CTC will each own exactly 50% of the combined firm.
  • Feb 07, 2006

    Blackstone Adds to Distressed Debt Group Expertise

    New York: February 7, 2006: The Blackstone Group today announced the recent addition of Joseph Russick as a Principal in the Firm’s Distressed Debt hedge fund. The fund was launched in July of last year with an oversubscription for its initial funding target of $500 million and is currently closed to additional capital.
  • Feb 02, 2006

    Sithe Global Power LLC, 80% owned by the Blackstone Group, closes financing of Goreway Station, an 880MW power generating facility in Brampton, Ontario

    NEW YORK, New York, February 2, 2006 – Sithe Global Power LLC announced today that its 100% owned subsidiary, the Goreway Station Partnership, has closed financing on an approximately CAD 942MM construction facility for the 880 MW Goreway Station. The financing will be co-led by TD Securities and RBC Capital Markets. The equity for the project will be funded by Sithe Global’s investors, The Blackstone Group and Reservoir Capital Group, and by Sithe Global management.
  • Feb 02, 2006

    Lion Capital and Blackstone acquire European Beverages Division of Cadbury Schweppes plc

    London 2nd February 2006: The Blackstone Group International (“Blackstone”) and Lion Capital LLP (“Lion Capital”), on behalf of funds advised by each of them, have acquired, as equal partners, the European Beverages division of Cadbury Schweppes plc, formally known as “CSEB” now “Orangina SAS”. This follows clearance from the EU regulators and a consultation process that has taken place with employee representatives.
  • Feb 01, 2006

    MeriStar Hospitality to Sell 10 Florida Assets

    BETHESDA, Md., February 1, 2006 — MeriStar Hospitality Corporation (NYSE: MHX), one of the nation’s largest hotel real estate investment trusts (REIT), today announced that it has signed a definitive agreement to sell a portfolio of nine hotels (1,948 rooms) and a golf and tennis club, all located in Florida, to an affiliate of The Blackstone Group for approximately $367 million in cash, subject to certain adjustments and satisfaction of customary closing conditions. The company expects the transaction to close by the end of the first quarter 2006. The company intends to use the majority of the proceeds to further reduce debt, particularly its most expensive 10.5 percent senior unsecured debt, which currently is callable by the company. The properties to be sold include:
  • Jan 25, 2006

    The Blackstone Group Completes Acquisition of La Quinta

    Dallas (January 25, 2006) – La Quinta Corporation (“LQ Corporation”) (NYSE: LQI) and its controlled subsidiary, La Quinta Properties, Inc. (“LQ Properties” and, together with LQ Corporation, “La Quinta”), today announced that they had completed their mergers with affiliates of The Blackstone Group. Under the terms of the merger agreement, holders of La Quinta paired common shares will receive a total of $11.25 per paired share in cash, without interest.
  • Jan 25, 2006

    Foundation Coal Announces In-Kind Distribution of Blackstone’s and First Reserve’s Shares to their Respective Partners

    LINTHICUM HEIGHTS, Md., January 25, 2006 – Foundation Coal Holdings, Inc. (NYSE:FCL) (the “Company”) announced today that 4,154,045 shares of its common stock have been distributed by affiliates of The Blackstone Group (“Blackstone”) to Blackstone’s limited and other partners and that 4,154,045 shares of its common stock have been distributed by First Reserve Fund IX, L.P. (“First Reserve”) to First Reserve’s limited and other partners. The 8,308,090 shares being distributed represent all of the remaining shares of the Company owned by Blackstone and First Reserve. The Company will not receive any proceeds from the in-kind distribution or from any resales of these shares of common stock by the distributees.
  • Jan 23, 2006

    Albertsons Announces Definitive Agreement to Sell Company to Supervalu, CVS, and Cerberus-Led Investor Group

    BOISE, Idaho, Jan. 23 / PRNewswire-FirstCall – Albertson's, Inc. (NYSE: ABS) announced today that it has entered into a definitive agreement to sell the entire company to a consortium of investors for a total transaction value of approximately $17.4 billion in cash, stock and assumed debt, including the settlement of the Albertsons Hybrid Income Term Security units. The value of the transaction to Albertsons' shareowners is approximately $26.29 per share, as described below, representing a premium of approximately 27 percent based on the company's closing share price of $20.73 on September 1, 2005, the day before it announced it would explore strategic alternatives.
  • Jan 23, 2006

    La Quinta Stockholders Approve Mergers with Affiliates of The Blackstone Group

    Dallas (January 23, 2006) —La Quinta Corporation (“LQ Corporation”) (NYSE: LQI) and its controlled subsidiary, La Quinta Properties, Inc. (“LQ Properties” and, together with LQ Corporation, “La Quinta”), today announced that the stockholders of LQ Corporation voted to adopt the Agreement and Plan of Merger (the “Merger Agreement”) among La Quinta and affiliates of The Blackstone Group, at LQ Corporation’s special meeting of stockholders. Approximately 99.5 percent of shares of LQ Corporation common stock present and voting at the special meeting adopted the Merger Agreement. The number of shares of LQ Corporation common stock voting to adopt the Merger Agreement represents approximately 79.9 percent of the total number of shares outstanding and entitled to vote. In addition, LQ Corporation, as the sole stockholder of LQ Properties’ voting common stock, voted to adopt the Merger Agreement at LQ Properties’ special meeting of stockholders.
  • Jan 17, 2006

    Blackstone's Corporate Debt Group Adds New Hires

    New York/London; January 17, 2006. The Blackstone Group today announced that Roger Coyle, formerly Director of Leveraged Finance at Fitch Ratings, and Graham Martin, formerly Director in the Sub-Investment Grade Group at MetLife, have joined Blackstone’s Corporate Debt Group in London as Senior Analysts. The team is headed by Managing Director, Debra Anderson, who joined Blackstone in September 2005.