Blackstone Inc. has jumped $1.70 in value after its latest review of the U.S. investment tax and said it expects to see the tax changes approved by the Senate.
The company, which was founded in 2003, has been in the news for several years as it has become one of the most aggressive U.K. private equity firms in seeking to expand its portfolio of assets.
Its investments have expanded from a small private equity fund in 2008 to a $5 billion fund and it has since invested $20 billion in U.E. companies.
The investment committee that has overseen Blackstone’s latest review, the Blackstone Investment Advisory Committee, voted to approve the tax-avoidance measures on Thursday.
The tax breaks would allow companies to invest up to $10 billion in their American companies without paying a tax on the money.
They also would allow them to defer up to 40% of their taxable income on investments.
The tax breaks were announced last year and the tax bills are expected to be signed into law by the end of the year.
As the chief executive of Blackstone, Stephen Schwarzman is often cited as one of America’s most influential investors.
He is a member of the board of the Carlyle Group, a U.N. group that has made significant investments in U,K.
and U.A.E.-related industries.