Blackstone has purchased the shares from Stornoway for $250 million. The hedge fund giant also bought into a minority ownership interest in the Renard diamond stream, a $946 million project to mine diamonds in Québec.
“Blackstone’s global presence and their long-established status as one of the world’s leading investment firms make them ideally suited to Stornoway as we work to build a world class diamond mining company.” Matt Manson, President and CEO at Stornoway, said.
“The Renard Diamond Project is fully financed and permitted for development of an open pit and underground diamond mine that is expected to produce an average of 1.6 million carats per year over an initial 11-year mine life, representing approximately 2% of global diamond supply by value.“ Blackstone said in a press release.
Blackstone Group, a hedge fund with over $300 billion, broke all of their asset and earnings records in the first quarter in the First Quarter 2015 , their economic net income has doubled since 2014, while their distributable earnings rose nearly 160%.
Some of last year’s highlights:
- In 2014 Blackstone announced that it will spin off its Advisory, Restructuring, and Park Hill businesses in 2015.
- Blackstone completed equity capital markets activity of over $20 billion, including initial public offerings of La Quinta, PBF Logistics LP, Michaels Stores, Catalent, Travelport, and Vivint Solar.
- BAAM, Blackstone’s Hedge Fund Solutions business, launched a UCITS fund in Europe, as well as its second mutual fund.
- Blackstone’s Real Estate business launched its Core+ platform to focus on stabilized real estate in major markets.
- Blackstone portfolio company Black Rhino and Dangote Industries announced a commitment to jointly invest up to $5 billion over the next five years in energy infrastructure projects across Sub-Saharan Africa.
The firm also announced that it had hired 20,000 veterans in twenty months through its portfolio since its April 2013 commitment to hire 50,000 in five years.
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