Deals
Blackstone’s Tac-Ops Adds Philadelphia Insurer in Blitzer’s Bet
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Blackstone Group LP agreed to buy Philadelphia Financial Group Inc. as David Blitzer’s Tactical Opportunities Group expands life-insurance investments.
Blackstone, the world’s largest alternative asset manager, will acquire the insurer from Tiptree Financial Inc. for about $155 million in cash, with another $10 million to be paid over two years, New York-based Tiptree said today in a statement.