Blackstone Advisory Partners Asia, a private equity firm, announced the transfer of its mergers and acquisitions (M&A) advisory business this week to Comprador Limited, an independent advisory firm based in Hong Kong.
The reason for this transfer is to have a greater focus on advising blue-chip corporates in China and Korea on large and complex outbound M&A transactions, alongside, building on the successful business that Blackstone initiated.
Anthony J. Steains, Chairman and CEO of Comprador said that the “M&A advisory market in Asia has evolved dramatically over the last two decades, with ever more sophisticated clients undertaking increasingly complex deal which demand precisely the sort of thoughtful, conflict-free, experienced advice we provide. Since the global financial crisis, most of the major investment banks have re-restructured their M&A teams, creating an exciting opportunity for specialist firms to offer truly bespoke advisory services.”
Steains has over twenty years of experience in Asian investment banking, M&As and restructuring advisory. He has also managed transactions on behalf of clients such as AIA, Proctor and Gamble and First Pacific.
Stephen A. Schwarzman, Chairman, CEO and Co-Founder of Blackstone commented on Steains’s “initiative to transfer the Asia business, which his team has built over the last six years, to establish Comprador.”
Steains said “We have worked closely with Blackstone to seamlessly transfer our experienced team to Comprador and to provide our clients with absolute continuity of service. Together, our team has built an excellent track record and we are very excited to be creating a leading and truly independent specialist Asian M&A firm.”
Reuters also reported this week that Blackstone has been in talks with Corsair Capital, another private equity firm, to acquire a major stake in First Eagle Investment Management, which will value the company at around $4 billion, including debt. Negotiations, which are expected to continue for weeks, are taking place with First Eagle’s owners, including the buyout firm TA Associates, which suggests the deal is not guaranteed at the moment.
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