Blackstone to buy Gramercy Property in $7.6 billion deal

Blackstone to buy Gramercy Property in $7.6 billion deal

U.S. private-equity firm Blackstone Group will buy commercial real estate manager Gramercy Property Trust in a $7.6 billion all-cash deal, the companies said on Monday. Blackstone’s $27.50-per-share offer represents a premium of 15.4 percent to Gramercy’s close on Friday at $23.82. The deal will add to Blackstone’s real estate business, which has emerged as a bigger contributor to earnings in recent years than its private equity division. Blackstone earlier this year elevated Jonathan Gray, who…

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