Benzinga | Jul 6, 2021 02:41PM EDT

Blackstone To Acquire ESG Services Provider Sphera From Genstar Capital For $1.4B

* Blackstone Group Inc (NYSE:BX) managed private equity funds inked an agreement to acquire Sphera from Genstar Capital for $1.4 billion.

* Sphera, a provider of Environmental, Social, and Governance (ESG) software, data, and consulting services, has more than 3,000 customers in more than 100 countries.

* The investment would be made via Blackstone's flagship private equity vehicle.

* Sphera's experts work with global organizations to help them surface, manage, and mitigate ESG risk through SaaS software, proprietary data, and consulting services.

* Blackstone held $5.4 billion in cash and equivalents as of March 31, 2021.

* Price action: BX shares traded lower by 0.62% at $97.04 on the last check Tuesday.