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I've got a deal that you can't refuse. How would you like to buy a bank worth nearly $13 billion by assets for a measly $900 million?

That's what a group led by Blackstone Group LP (NYSE: BX) did. The bank in question is BankUnited, which failed and was taken over by the FDIC. Regulators decided to put it up for auction. Blackstone will share in $10.7 billion of the bank's 12.8 billion in assets. The government will will take 80% of the first $4 billion in losses and 95% of any remaining losses. In return the government will receive warrants giving it a share on any further upside.

Continue reading Blackstone consortium buys BankUnited on the cheap for $900 million

Blackstone consortium buys BankUnited on the cheap for $900 million originally appeared on BloggingStocks on Fri, 22 May 2009 15:30:00 EST. Please see our terms for use of feeds.

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