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Investing.com -- Blackstone (NYSE:BX) Inc., the alternative asset manager, is reportedly considering the sale of Olympus Energy, according to Bloomberg News, citing sources familiar with the matter. Olympus Energy, a natural gas exploration company based in the Appalachian region, could be valued at as much as $2 billion.
The sources, who requested anonymity due to the private nature of the details, revealed that Blackstone is currently working with financial advisors to find a potential buyer for the Canonsburg, Pennsylvania-based business. It's important to note that no final decision has been made yet, and Blackstone may choose to retain ownership of the company.
Olympus Energy is one of Blackstone's longest-held energy investments. The company was established in 2012 under the name Huntley & Huntley Energy Exploration. It underwent a rebranding process in 2019, emerging as Olympus Energy. The company conducts drilling operations on approximately 100,000 net acres in southwestern Pennsylvania.
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