Blackstone Inc. (NYSE:BX) is on the brink of acquiring a substantial $17-billion commercial property loan portfolio from the Federal Deposit Insurance Corporation (FDIC), as the aftermath of Signature Bank (OTC:SBNY)’s collapse continues to reshape the regional banking landscape. The deal, which is part of the FDIC’s efforts to sell off assets from the failed bank, would mark a significant transaction for Blackstone, with shares having climbed 23.5% over the past six months and currently holding a Zacks Rank #3 (Hold).
The acquisition comes in the wake of Signature Bank’s failure and subsequent issues at Silvergate Bank and Silicon Valley Bank (SVB), which have led to Silvergate’s self-liquidation phase. In response to these banking disturbances, the FDIC appointed Newmark Group (NASDAQ:NMRK) to facilitate the offloading of approximately $60 billion in loans. While a subsidiary of New York Community Bancorp (NYSE:NYCB) absorbed parts of Signature Bank, it did not take on its full loan suite.