US - Blackstone buys Equity Office for $39bn in world's largest buyout

The Blackstone Group has secured the world’s largest leveraged buyout, agreeing a $39bn price (£20.2bn) for Equity Office, the biggest office landlord in the US. Blackstone won the deal after fending off competition from real estate investment trust Vornado, whose final bid at $56 a share was higher than Blackstone’s all-cash offer of $55.50, but would have been paid in cash and stock.