Blackstone said on Thursday that it would convert to a corporation, ditching a partnership status that has shielded much of its income from corporate taxation after concluding that tax cuts meant the complex structure was no longer worth the trouble.
The world’s biggest private equity fund is following the lead of rival KKR, which enjoyed a share price pop and saw its stock added to a dozen index funds after making a similar move last year.
Blackstone shares rose more than 8 per cent in pre-market trade on Thursday to $39.05 as investors, cheered by the restructuring, brushed off earnings numbers that came in below analysts’ expectations.
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