Blackstone close to takeover

US private equity house Blackstone is closing in on victory in its $3.1 billion takeover bid for heavyweight office landlord Investa Office Fund, striking a binding deal.

Investa Office Fund’s managers and Blackstone have agreed to the deal after the fund opened its books for the private equity house to inspect following its unsolicited approach in April.

The takeover bid was announced last month after behind-the-scenes negotiations led to Blackstone increasing its initial offer. Investa Office Fund unitholders will be entitled to $5.25 cash for each of their units, reduced by any distributions declared or paid by the fund after May and before the buyout is complete.