Blackstone Forms $700M LPG Transport JV With Greek Co.

Law360, New York (October 23, 2013, 3:05 PM EDT) -- The Blackstone Group and Greek resource transport company Eletson Holdings Inc. have formed a $700 million joint venture called Eletson Gas to ship liquefied petroleum gas, the companies announced Wednesday.

Blackstone's equity capital and five of Eletson's medium-size gas carriers will fuel the launch of the new shipping company, which will expand, build vessels and acquire new ones under Eletson's technical supervision. In connection to the deal, Eletson bought contracts with Asian shipbuilders to build eight new vessels for its fleet.

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