Blackstone Snags Australian Property Firm For $227M

Law360, New York (April 29, 2011, 12:12 PM EDT) -- The Blackstone Group LP has agreed to buy Valad Property Group, a cash-strapped Australian real estate firm, for about $227 million, Valad announced Friday.

In its bid for Valad, Blackstone offered $1.97 (AU$1.80) per share in cash, a 56 percent premium over Wednesday's closing price of $1.26. The U.S. firm also agreed to take on Valad's $654 million in debt.

The acquisition comes on the heals of another deal between Blackstone and a debt-laden Australian firm. In February, the giant equity firm bought roughly 600 U.S....
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