Blackstone has agreed to merge its Rhodia Acetow business with the cellulose acetate unit of Celanese (NYSE: CE), with Celanese receiving about $1.6 billion in the deal through a dividend. The transaction will create a global provider of a material used in cigarette filters, with Blackstone owning 30% of the new business.
In a separate development, Blackstone has agreed to purchase a majority stake in The Office Group in a deal that values the company at around £500 million. Based in London, TOG is an owner and operator of co-working spaces in Britain with a portfolio of 36 buildings.
The transactions continue a rush of deals for Blackstone: the firm is one of four private equity shops to complete more than 30 investments so far this year, according to the PitchBook Platform. On the exits front, Blackstone-backed GEMS Education is in the early stages of an IPO in London that could value the business at around $4 billion, per Bloomberg.