Blackstone withdraws from investment plan in Africa

by MMC
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Blackstone Groupthe world’s largest private equity firm, has abandoned plans to invest billions of dollars in Africa, the latest US investor to tone down its ambitions on the continent.

The New York-based company agreed about a year ago to sell Black Rhino Group, a developer of energy infrastructure projects believed to be Blackstone’s primary investment vehicle in Africa, to its management team for a non-profit amount. disclosed, a Blackstone spokeswoman said. . The sale, which is not yet finalized, has not yet been announced. Around the same time, Blackstone also sold the rights to develop and operate a Nigerian power plant. Black Rhino plans for an undisclosed amount to Globeleq, a British company that owns power plants across Africa, the spokeswoman said.

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