On August 11, Blackstone Group LP rose 3.02% in regular trading, trading at $141.26/share, with turnover of $533 million. The stock gained momentum following the announcement that its portfolio company Safe Harbor Marinas has agreed to acquire recreational boat retailer MarineMax.
Safe Harbor Marinas, the world's largest marina owner and operator under Blackstone's infrastructure arm, will acquire MarineMax at $53 per share in cash, valuing the transaction at approximately $1.5 billion including debt. The offer price represents a premium of roughly 49% over MarineMax's prior closing price of $35.68. Safe Harbor will own and operate all of MarineMax's business segments following the deal's completion.
Additionally, Jefferies recently raised its price target on Blackstone to $166 from $145, maintaining a Buy rating. According to FactSet, Blackstone carries an average analyst rating of overweight with a mean price target of $142.59.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)