Blackstone's Schwarzman 'wondered' about buying Bloomberg
'As long as we own Refinitiv, which is their competitor, we can't,' CEO says
FOX Business’ Edward Lawrence reports on former New York City mayor Michael Bloomberg putting together a plan for dealing with Wall Street as videos surface of his comments about minority groups.
BERLIN (Reuters) - Blackstone Group Inc Chief Executive Stephen Schwarzman said the world's biggest private equity firm cannot buy Bloomberg should it come up for sale as long as the firm owns competitor Refinitiv.
Schwarzman said that he did consider such an investment on reading the news that Mike Bloomberg would put his financial news and data provider up for sale if he became president of the United States.
"I wondered whether I should buy the firm, but I then I thought as long as we own Refinitiv, which is their competitor, we can't,'' he said at the SuperReturn private equity conference in Berlin.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| BX | BLACKSTONE INC. | 184.90 | +1.90 | +1.04% |
Blackstone bought a 55 percent stake in Thomson Reuters's data division in 2018, renamed later as Refinitiv, valuing the firm at $20 billion and making it the private equity firm's biggest bet since the 2008 financial crisis.
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The London Stock Exchange last year agreed to buy Refinitiv in an all-share deal valued at $27 billion including debt. Blackstone will retain a minority stake.
Stephen Schwarzman
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Schwarzman offered to buy a stake in Bloomberg back in 1988, but was ultimately thwarted by Mike Bloomberg's stipulation that he should never sell the stake and stay a partner for life.
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(Reporting by Abhinav Ramnarayan and Chibuike Oguh; editing by David Evans)