DealZone

Where’s the bull? Blackstone’s IPO plans

Time to reap some green shoots? Private equity firm Blackstone plans to list up to eight of its portfolio companies, aiming to make more hay from improved stock markets. Rival Kohlberg Kravis Roberts & Co’s Dollar General filed for an initial public offering of up to $750 million in August, and KKR is considering others, sources previously told Reuters.

Blackstone is positioning one company — hospital staffing firm Team Health — for an IPO and evaluating the potential for seven others, a source tells us, citing a letter sent from Blackstone to investors. The letter also says Blackstone is in the process of selling five companies outright, which it sees generating aggregate proceeds of $2.8 billion.

One of the exits is Kosmos Energy’s Ghanaian oil interests, the source who has the letter said. Sources previously told Reuters that Exxon Mobil had agreed to buy Kosmos Energy’s stake in the Jubilee field. Kosmos is backed by Blackstone and Warburg Pincus.

Ghana, Ghana, Gone to Exxon

Sources tell us that oil behemoth Exxon Mobil won the bidding in an auction for Kosmos Energy’s stake in the Jubilee field in Ghana, one of the biggest oil discoveries in recent years. Analysts have said the stake could be worth up to $5 billion.

Private equity-backed Kosmos put its interests in the multibillion-barrel field, which it co-owns with Irish oil explorer Tullow Oil and Houston-based Anadarko Petroleum, on the market earlier this year.

Huge interest in the stake was reported. India’s ONGC, China’s CNOOC and even Ghana’s own National Petroleum Corp all expressed interest at some point over the summer. Other corporate interests thought to be bidding included BP, Shell Oil and ENI SpA.