Music rights organization SESAC Holdings announced that private equity funds affiliated with Blackstone (BLK) have entered into an agreement to acquire the company from Rizvi Traverse Management.
This transaction is Blackstone’s first investment as part of its core private equity strategy, which is specifically designed to hold private equity investments for much longer periods of time than traditional private equity funds.
Financial terms of the transaction were not disclosed. The transaction is expected to close by the end of the first quarter of 2017.
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