US Stock Market Move | Blackstone (BX.US) rises more than 5%, spending $1.6 billion to acquire electrical equipment service supplier Shermco.

On Friday, Blackstone (BX.US) rose more than 5%, closing at $172.14. In terms of news, Blackstone Inc. recently announced the acquisition of electrical equipment service provider Shermco for $1.6 billion. The company specializes in providing electrical testing, maintenance, commissioning, and repair services for utilities, industrial, and energy sectors in North America. This acquisition will further strengthen Blackstone's presence in the infrastructure and energy services sector, as well as provide Shermco with broader market resources and business development support.