Blackstone Acquires Irth Solutions; Street Says Buy
- Date: 02-Dec-2021
- Source: Nasdaq
- Sector:Economy
- Country:Middle East
Blackstone Acquires Irth Solutions; Street Says Buy
Private equity major Blackstone Inc. (BX) recently revealed that its energy-focused investment business, Blackstone Energy Partners, has agreed to acquire a cloud-based asset protection solutions provider, Irth Solutions. The financial terms of the deal, which is likely to close by the end of December, have been kept under wraps.
Following the news, shares of the company declined 2.7% on Wednesday. The stock, however, pared its losses slightly to close at $138.50 in the extended trading session.
The acquisition will help Blackstone gain access to Irth’s solutions that automate processes for damage prevention and asset protection across critical network infrastructure assets. Further, its risk management capabilities for its wide customer base across different sectors will allow Blackstone to continue focusing on investing in companies that support critical infrastructure and the global energy transition.
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