Blackstone Group LP (NYSE:BX) To Buy Excel Trust Inc (NYSE:EXL) For $2 Billion

April 10, 2015 7:13 PM

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Blackstone Group LP (NYSE:BX) To Buy Excel Trust Inc (NYSE:EXL) For $2 Billion

Blackstone Group LP (NYSE:BX) has taken its interest in real estate to a new height, as it has announced that it will be purchasing the real estate investment trust Excel Trust Inc (NYSE:EXL) for around $2 billion. Earlier today, the company announced in a separate deal that it, along with Wells Fargo & Co (NYSE:WFC) and some other buyers, will be purchasing several office buildings and other real estate debt from General Electric Company (NYSE:GE) for around $26.5 billion.

According to the deal, Blackstone will buy the company's all outstanding shares for $15.85. This represents a premium of 15% over the shares’ closing price in April 9, 2015. The amount will be paid in cash.

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