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Blackstone invests USD600m in Bluestar

The Blackstone Group is to invest up to USD600 million in a 20 per cent stake of China National Bluestar (Group) Corporation, a wholly-owned subsidiary of ChemChina.

The Blackstone Group is to invest up to USD600 million in a 20 per cent stake of China National Bluestar (Group) Corporation, a wholly-owned subsidiary of ChemChina.

Antony Leung and Ben Jenkins, a former director of Celanese, will join the board.

‘We are excited to have Blackstone as a long-term partner,’ says Ren Jianxin, Chairman, ChemChina. ‘Given Blackstone’s extensive and successful experience in the global chemical industry, notably past ownership of Celanese Corp and Nalco Company, this investment will assist Bluestar in its growth and expansion.’

Antony Leung, Blackstone’s Chairman of Greater China, adds: ‘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.’
 
According to Ben Jenkins, Head of Blackstone Asia Pacific Private Equity, Bluestar is already the leading specialty chemical company in China. ‘We are looking forward to using our global network to accelerate and extend growth of the Company both in China and abroad,’ he says.

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