ZURICH (dpa-AFX) - Asset management firm Blackstone Group Inc. (BX) said on Tuesday that private equity funds associated with the company have agreed to acquire energy and telecom infrastructure supplier Sabre Industries Inc. The terms of the deal, however, were not disclosed.
The purchase of Sabre from Jordan Company is part of Blackstone Energy Partners plan to invest more in companies, which are focusing on cleaner and affordable energy options.
Alvarado, Texas-based Sabre Industries designs and manufactures highly-engineered, mission-critical overhead steel poles, towers, battery storage solutions, and related services for electrical utility and telecom end markets.
The transaction is expected to be completed in the second quarter of this year. Following the closing of the deal, Ulrich Spiesshofer, former President and Chief Executive Officer of ABB Ltd. and a Blackstone Senior Advisor, will take over as Chairperson of Sabre's Board.
Once the acquisition is complete, Sabre will retain its name and continue to function independently as a Blackstone portfolio company. The company's leadership team and employees will keep their current roles and have plans to invest alongside Blackstone in the transaction.
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