Blackstone increases investment in electrification sector: acquires electrical equipment service provider Shermco for 1.6 billion US dollars.

According to the financial news app Wisdom Finance, Blackstone (BX.US) has reached an agreement to acquire Shermco, an electrical equipment service provider. This is the latest move by Blackstone in its increasingly important electrification process. The statement indicates that Blackstone Energy Transformation Investment Corporation (the company's private equity business focused on the energy sector) is acquiring Shermco from Gryphon Investors. This transaction values Shermco, headquartered in Irving, Texas, at $1.6 billion (including debt).