Blackstone Acquires Dresser Utility Solutions in $1 Billion Deal

Blackstone's BX Energy Transition Partners unit has acquired Dresser Utility Solutions, a water and gas utility infrastructure supplier, from First Reserve in a deal reported to exceed $1 billion. Exact financial terms were not disclosed.

The acquisition extends Blackstone's push into essential utility infrastructure, a sector the firm has targeted as part of its broader energy-transition investment thesis, which spans power generation, grid modernization, and water systems that utilities and municipalities depend on.

The deal lands amid an active stretch of portfolio moves at Blackstone, which is separately marketing its Indurent logistics platform for a reported £6 billion exit and has been raising capital across its private equity and credit franchises. For Dresser, backing from one of the largest alternative-asset managers gives the utility supplier capital to expand as aging water and gas infrastructure across the US drives sustained replacement and upgrade demand.

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