Blackstone shares close higher on Wednesday, asset manager negotiates the acquisition of Interplex for $1 billion

According to a report by Reuters, citing sources familiar with the matter, Blackstone Group Inc (BX) is in advanced talks to buy Interplex Holdings, a technological services provider based in Singapore and owned by Baring Private Equity Asia. The deal could be valued at nearly $1 billion.

According to the sources, the two companies could make an announcement during the upcoming few weeks. Negotiations could still be postponed or could fall apart, while other bidders still remain interested in Interplex, they also said.

Interplex was acquired by Baring Private Equity Asia in 2016 from investors including CVC Capital Partners and Standard Chartered Private Equity and was taken private in a nearly $331 million deal.

Since then Interplex has grown both organically and through acquisitions, including the purchase of US connector and cable assembly manufacturer OCP Group earlier in 2021.

Blackstone shares closed higher for a fourth consecutive trading session in New York on Wednesday. The stock went up 1.23% ($1.45) to $119.52, after touching an intraday high at $120.21. The latter has been a fresh all-time high.

Shares of Blackstone Group Inc have risen 84.42% so far during the current year, following a 15.86% gain in 2020.

Analyst stock price forecast and recommendation

According to TipRanks, at least 6 out of 8 surveyed investment analysts had rated Blackstone Group Inc’s stock as “Buy”, while 2 – as “Hold”. The median price target on the stock stands at $116.07.