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Blackstone Is Pulling Back From Africa

Aliko Dangote
Aliko DangotePhotographer: Wei Leng Tay/Bloomberg
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Investment firm Blackstone Group LP is scaling back its bet on Africa, almost five years after it made a commitment to spend billions of dollars alongside the continent’s richest man.

The world’s largest alternative-investment manager is in the process of selling its Africa subsidiary Black Rhino Group back to management, according to a person familiar with the deal, who asked not to be identified because the discussions are private. The unit was created in January 2012 to focus on the development and acquisitions of energy and infrastructure projects across Africa.