Mergers & Acquisitions
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Capital Trust Closes On Sale Of Investment Management Platform To Blackstone

12/19/2012 1:16 PM ET

Capital Trust, Inc. (CT: Quote) announced that an affiliate of Blackstone (BX: Quote) completed the previously announced acquisition of Capital Trust's investment management business, operated through its subsidiary, CT Investment Management Co., LLC or CTIMCO.

The company stated that at closing, affiliates of Blackstone acquired CTIMCO and related fund co-investments for $21.4 million. In addition, an affiliate of Blackstone purchased five million newly issued shares of Capital Trust's class A common stock for $10 million or $2.00 per share, representing 17% of Capital Trust's outstanding common stock.

Capital Trust said it will pay the previously announced $2.00 per share special cash dividend on December 20, 2012.

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by RTT Staff Writer

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