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Blackstone buying 80% stake in Australia's La Trobe Financial

Blackstone Group LP is buying an 80% stake in Australia's La Trobe Financial Services Pty Ltd. for an undisclosed sum as part of a strategic partnership.

The partnership is effective immediately, the companies said Dec. 18, and is aimed at accelerating La Trobe Financial's growth by focusing on Australia's A$1.7 trillion mortgage loan market and servicing small to medium-sized enterprises and business borrowers.

Under the agreement, the Australian nonbank lender will continue to focus on growing its offerings to loan and wealth management customers, through its A$2 billion retail credit fund, its A$4.6 billion mortgage loan portfolios, its institutional mandates and facilities, and its A$1.1 billion regular debt capital market issuances.

Greg O'Neill will continue to serve as CEO of La Trobe Financial and the company's existing management and executive team will remain unchanged. The company will retain its existing board and appoint two additional representatives from Blackstone.