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Alternative Market Briefing

Blackstone converts to corporation, reports Q1 results
Tuesday, April 23, 2019

B. G., Opalesque Geneva:

Blackstone announced on April 18th that it was converting to a corporation from a publicly traded partnership. The conversion is expected to be effective on July 1st, 2019. It will unlock opportunity for equity value appreciation by removing ownership restrictions and expanding the global investor universe, says the firm's presentation.

"We believe the decision to convert will make it significantly easier for both domestic and international investors to own our stock and should drive greater value for all of our shareholders over time," said Stephen A. Schwarzman, chairman, CEO and co-founder (see video here).

Rival firms KKR and Ares made a similar move last year. Converting into a C corporation has gained favour among these firms since the tax code changed in 2017 and lowered the corporate tax rate to 21% from 35%, ......................

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