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November 27, 2006

Biggest LBO Ever - BlackStone Pays $36 Billion for Equity Office Properties

posted by MR WAVETHEORY at 11/27/2006 06:58:00 AM
Blackstone's agreement to buy real estate investment firm Equity Office Properties Trust (NYSE EOP) for $36 billion will likely be the largest leveraged buyout in history. This one bests the $33 billion deal for H.C.A. Equity Office that was created by Sam Zell and had hit some speed bumps recently. Blackstone was hungry for more real estate and the fit was right. Now if buyout firms start going after REITs, that could well be the answer to those who have been wondering about the next font of business. Jonathan Gray and Chad Pike, Blackstone's real estate chiefs, have made the buyout firm the largest owner of domestic real estate.

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