Blackstone Group (BX) said on Wednesday that Blackstone Energy Partners had agreed to acquire Irth Solutions, a leading provider of cloud-based software-as-a-service solutions that automate processes for damage prevention and asset protection across critical network infrastructure assets.
After the acquisition closes, Irth Solutions will retain its name and will continue to operate independently as a Blackstone portfolio company, the asset manager said.
The deal is expected to be finalized by the end of December, subject to customary closing conditions.
The financial details of the agreement, however, remained undisclosed.
“Irth is well-positioned to benefit from the tailwinds impacting each of the company’s end-markets. Irth can be a key partner for electric utilities, telecom companies and energy infrastructure operators as they improve and expand operations, while reducing environmental impacts. We look forward to working with Brad and his team to capitalize on these trends,” Kush Patel, Managing Director at Blackstone, said in a statement.
“The entire team is thrilled to have the support of Blackstone and their resources. We believe their expertise in infrastructure, energy services, data science and technology will be invaluable as we increasingly look to scale and strengthen our services and capabilities,” Brad Gammons, Chief Executive Officer of Irth Solutions, said.
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