NEW YORK (TheStreet) --Shares of Blackstone Group (BSX) are higher by 1.16% to $41.10 at the start of trading on Tuesday morning, after the asset manager and financial services provider announced it is selling its AlliedBarton business to France-based investment company Wendel SE (WNDLF) for $1.67 billion.
AlliedBarton provides security services to a variety of customers across the U.S.
Blackstone said the transaction is expected to close later this year.
AlliedBarton thanked Blackstone for its support in a statement released by the company announcing the deal. AlliedBarton also expressed its excitement at the prospect of joining the Wendel team.
"Blackstone's counsel and invaluable support have been instrumental to the development and growth of our business, which has resulted in a successful investment outcome for all equity holders," AlliedBarton CEO Bill Whitmore said in a statement.
Separately, TheStreet Ratings team rates BLACKSTONE GROUP LP as a Buy with a ratings score of A+. TheStreet Ratings Team has this to say about their recommendation:
"We rate BLACKSTONE GROUP LP (BX) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its robust revenue growth, notable return on equity, expanding profit margins, solid stock price performance and impressive record of earnings per share growth. We feel its strengths outweigh the fact that the company shows weak operating cash flow."