Blackstone will ditch partnership structure to draw more investors

The Blackstone Group said on Thursday that it planned to convert itself into a standard corporation, becoming the latest investment firm to abandon its partnership structure in an effort to bolster its stock price.[NEW YORK] The Blackstone Group said on Thursday that it planned to convert itself into a standard corporation, becoming the latest investment firm to abandon its partnership structure in an effort to bolster its stock price.

"We believe the decision to convert will make it significantly easier for both domestic and international investors to own our stock and should drive greater value for all of our shareholders over time," Stephen Schwarzman, Blackstone's co-founder and chief executive, said in a statement. Blackstone executives decided the hassle of converting into a C corporation and dealing with additional taxes was worth the benefits of shedding the partnership structure.

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