Blackstone , the
private equity group, has shattered the record for the largest ever leveraged
buy-out, with a successful $38.9bn (£19.7bn) bid for
Equity Office Properties
, the biggest commercial property group in the US.
The deal, sealed after rival bidder Vornado Realty Trust dropped out of the
race, outstripped the the previous $33bn record set by a consortium of firms who
bought HCA, the US hospital chain,
The Blackstone deal is a landmark for the global private equity industry,
which is beoming ever more powerful in the world economy.
Vornado pulled out of the deal becuase the price offered by Blackstone was
simply to high to justify to Vornado stock holders.
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