Global private equity firm Blackstone has acquired a majority stake in asset management firm ASK Investment Managers. ASK is a three decade old property and asset management company. It has more than $10.6 billion in assets under management.
A US-based private equity fund has purchased a majority stake in ASK from Advent International and other vendors, according to an official statement. After this deal, the company will be able to expand into foreign markets as well as domestic.
However, the financial side of the deal has not been disclosed.
ASK is one of the first portfolio managers in the country. It has operations in Asia, West Asia, Africa and Europe.
Blackstone has invested in various sectors in India. Its investment in India is about 60 billion dollars. It is among the largest investors in the commercial real estate sector of the country.
Media reports in August 2021 said that Blackstone intended to buy a 70 percent stake in ASK for $1 billion. Advent holds about 40 percent stake in the company.