Blackstone Group LP and TPG Capital Management LP are expected to make a combined offer for Kensington, one of Britain's biggest specialist mortgage lenders, Sky News reported on Wednesday. The news service said that the two private equity companies are expected to bid for Kensington, which is owned by Anglo-South African banking group Investec, which sponsors the England cricket team, by the end of the month. (link.reuters.com/xeh59v)According to the Sky, Blackstone and TPG are understood to be competing against at least three other bidders one of which is said to be Lonestar, a specialist U.S. property investor.Other bidders for the establishment are reported to have included Goldman Sachs, Virgin Money and Metro Bank, although at least two of them are understood no longer to be involved, Sky News said.Blackstone and TPG could not be reached for comment outside of normal business hours.
The Blackstone Group L.P. (Blackstone) is a manager of private capital and provider of financial advisory services. Shares of BX traded higher by 3.3% or $0.99/share to $31.00. In the past year, the shares have traded as low as $19.15 and as high as $35.39. On average, 5919810 shares of BX exchange hands on a given day and today's volume is recorded at 6456451.
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