Deals
Blackstone Unit $126 Million Bid Wins Optim Twin Oak Auction
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A Blackstone Group LP unit won a bankruptcy auction with a $126 million offer for a coal-fired Texas plant being sold by Optim Energy LLC, the power producer controlled by billionaire Bill Gates’s investment firm.
Major Oak Power LLC, an investment vehicle created by Blackstone to make the acquisition, beat a unit of ArcLight Capital Partners LLC, which bid $121.5 million at yesterday’s auction, according to court papers filed today in U.S. Bankruptcy Court in Wilmington, Delaware.