Business Context and Reporting Period
This Form 8-K Current Report was filed by The Blackstone Group L.P. on January 5, 2012. The filing reports the completion of a previously announced acquisition by Blackstone's subsidiary, Graphite Holdings LLC.
Key Financial Metrics
The filing details the financial terms of the acquisition of Harbourmaster Capital (Holdings) Limited:
- Acquisition Price: €120.8 million (approximately $154.5 million).
- Payment Method: Cash.
- Adjustments: The price was net of excess cash held at Harbourmaster at final closing and net of investments owned by Harbourmaster (and its principals) in its managed products.
The filing does not provide Blackstone's consolidated revenue, profit, cash flow, margins, debt, or liquidity metrics for the reporting period.
Material Changes
The primary material change is the expansion of Blackstone's asset management capabilities through the acquisition of Harbourmaster, a Jersey-based company. The transaction closed on January 5, 2012, pursuant to a sale and purchase agreement dated October 6, 2011.
Guidance, Outlook, and Risks
Management Commentary: Blackstone issued a press release on the date of closing, which is attached as Exhibit 99.1.
Financial Statements: The filing states that financial statements of the acquired business and pro forma financial information will be filed by amendment no later than 71 calendar days after the filing date, if and to the extent required.
Risks and Contingencies: The filing text does not explicitly detail new risks or contingencies arising from this specific transaction beyond the standard disclosure of the acquisition completion.
Investor Verification Checklist
- Verify the final purchase price of €120.8 million ($154.5 million) and the specific adjustments for excess cash and managed product investments.
- Monitor the upcoming amendment (due within 71 days) for the financial statements of Harbourmaster and pro forma financial information.
- Review the attached press release (Exhibit 99.1) for strategic rationale and management commentary not included in the 8-K text.
- Confirm the identity of the sellers, including RIT Capital Partners PLC and various individual principals.