Blackstone Group

(BX) - Get Report

completed its first Chinese acquisition, paying as much as $600 million for a stake in specialty chemicals maker

China National BlueStar

,

Bloomberg

reports.

Buyout firm Blackstone agreed in September 2007 to buy a 20% stake from state- owned

China National Chemical

, which will own the rest of BlueStar. The deal's completion may be announced next week,

Bloomberg

reports, citing people familiar with the deal.

The $600 million investment includes a $100 million shareholder loan which will be forgiven if BlueStar's profit meets an undisclosed target this year,

Bloomberg

reports.

This article was written by a staff member of TheStreet.com.