May 7, 2018 / 10:57 AM / 15 days ago

Blackstone to buy Gramercy Property in $7.6 billion deal

May 7 (Reuters) - Blackstone Group LP said on Monday it would buy Gramercy Property Trust, which is an asset manager of commercial real estate, in a deal valued at $7.6 billion in cash.

The $27.50-per-share offer represents a premium of 15.4 percent to Gramercy Property’s close on Friday at $23.82.

Reporting by Arunima Banerjee in Bengaluru; Editing by Bernard Orr

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