The Blackstone Group would invest up to 600 million dollars into a Chinese chemical corporation, the first investment in China, said the U.S. leading private equity firm on Monday.
China National Chemical Corporation (ChemChina), a leading international diversified chemical company, and The Blackstone Group announced a strategic partnership to build a global leader in the specialty chemical industry, the two companies said in a joint announcement.
The Blackstone Group will acquire 20 percent stake of China National Bluestar Corporation, a wholly-owned subsidiary of ChemChina.
"We believe that continued economic growth will drive long term growth in China's chemical sector. It is a privilege to invest alongside a superb management team in a leading company in one of China's key industrial sectors," said Antony Leung, Blackstone's Chairman of Greater China.
UBS AG acted as financial advisor to ChemChina, and Merrill Lynch acted as financial advisor to Blackstone on this transaction.
The transaction is subject to final regulatory approvals.
Source: Xinhua
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