Blackstone Group Inc said on Tuesday it will buy Sphera, an environmental, social and governance (ESG) software, data and consulting services provider, from private equity firm Genstar Capital in a $1.4 billion deal.
Chicago, Illinois-based Sphera has more than 3,000 customers and is present in over 100 countries. Its offerings allow organizations to measure and manage their performance and risk exposure pertaining to their ESG activities.
Blackstone has been trying to strengthen its ESG credentials as investors and lawmakers across the globe increasingly question companies about their environmental and social impact, pushing major global businesses to make significant investments in their ESG initiatives.
The private equity giant had asked executives in its portfolio companies to report on their ESG matters to their boards for the first time, Reuters reported in early May.
“The increasing importance of ESG issues to businesses globally is a key thematic investing focus for Blackstone,” said Eli Nagler, senior managing director at Blackstone.
Source: Reuters.com