Blackstone plans to acquire majority stake in ASK Group

American private equity firm Blackstone has reportedly started discussions to acquire a majority stake in asset and wealth management firm ASK Group.

The development was reported by Moneycontrol quoting multiple industry sources.

Advent International-backed ASK Group has been present in India for more than three decades. It has four business units- ASK Wealth Advisors; ASK Investment Managers; ASK Property Investment Advisors; and ASK Pravi Capital Advisors.

As of 30 June 2021, the group’s AuM totalled around INR715bn ($9.64bn).

One of the sources told the publication that Blackstone has entered exclusivity to purchase up to 74% in ASK Group. Another person told Moneycontrol that the proposed deal will value ASK Group around $1bn.

One of the people was quoted by the publication as saying: “There are other players including private equity funds in the fray, but as of now Blackstone seems to be in the pole position, and if talks progress smoothly, the transaction is likely to be signed in September, 2021.”

Blackstone declined to confirm the development.

Last month, Blackstone named Brian Tierney as its new global head of infrastructure portfolio operations and asset management. He will work with portfolio company CEOs to accelerate key value creation initiatives across Blackstone’s infrastructure companies

The private equity firm has also appointed a global head of diversity, equity, and inclusion (DEI) in June. Devin Glenn assumed the responsibility which involves implementing policies to help Blackstone and portfolio companies obtain a more diverse and inclusive workplace.