Blackstone Shares Dive 5% As It Reportedly Weighs $5B-Plus Sale of Beacon Offshore

Blackstone (BX) shares dived on Tuesday as it is reportedly in the early stages of weighing a sale of Gulf of Mexico driller Beacon Offshore Energy, which it has owned for about a decade.

According to a Bloomberg News report, the sale could fetch more than $5 billion. The alternative asset manager is talking to investment banks about bringing the Houston-based company to market as soon as the first quarter, it said, citing people familiar with the matter. 

Beacon is expected to attract interest from large producers with operations in the Gulf of Mexico, the report said. 
 

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