Blackstone Energy Transition To Acquire Majority Stake In Advanced Cooling Technologies

(RTTNews) - Blackstone, Inc. (BX) and Advanced Cooling Technologies, Inc. or ACT, announced Wednesday that funds managed by Blackstone Energy Transition Partners have entered into a definitive agreement to acquire a majority stake in ACT. The terms of the deal were not disclosed.

Founded in 2003 and headquartered in Pennsylvania, ACT designs and manufactures highly-engineered thermal management and energy efficiency solutions for advanced computing, high power density, and mission-critical applications.

Blackstone's investment is intended to help maintain ACT level of service, while adding capacity and capabilities to enhance the value provided to ACT's broad customer base.

ACT's executive team will remain in place and continue as significant shareholders in the business.

The transaction is expected to close in second quarter, subject to customary conditions.