Blackstone’s stock rallied 0.9% premarket after Gramercy Property buyout deal

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Gramercy Property’s stock soars after Blackstone’s $7.6 billion buyout deal

Shares of Gramercy Property Trust soared 13.4% in premarket trade Monday, after the commercial real estate asset management company agreed to be acquired by Blackstone Group LP in a cash deal valued at $7.6 billion. Blackstone shares were still inactive. Under terms of the deal, Blackstone will pay $27.50 for each Gramercy share outstanding, which is 15.4% above Friday’s closing price of $23.82, and represents a market capitalization for Gramercy of $4.42 billion. The deal is expected to close in the second half of 2018. “We are pleased to acquire Gramercy and its strong portfolio of assets,” said Blackstone Chief Executive Tyler Henritze. Gramercy shares hvae shed 10.7% year to date through Friday, while Blackstone’s stock has slipped 0.7% and the S&P 500 has eased 0.4%.

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