Investment management company Blackstone has agreed to purchase smart access products company Chamberlain Group, for about $5 billion.
Blackstone bought the company from private equity firm The Duchossois Group. Under the terms of the deal, The Duchossois Group will continue to have “meaningful” ownership in the company and two seats on its Board of Directors.
“Blackstone is expected to provide additional resources and expertise for Chamberlain Group to scale its software-based and connected services business into new markets,” the companies announced.