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...“We think mid-market secondary buyouts have been the most crowded, competitive space where we’ve seen the most return pressure,” said Mr Chae....
...According to Michael Chae, the chief financial officer of Blackstone, smaller deals tend to draw multiple bidders and therefore higher price tags....
...He is selling non-core assets such as the car rental and financing units to strengthen the company’s balance sheet, after it diversified in search of new growth under his predecessor, Lee Suk-chae, who has...
...Mr Chae has spent much of his career at Blackstone doing telecoms and media deals, including Nielsen, Weather Channel and Michael’s Stores....
...Mr Chae is not currently involved in that side of the business....
...But Lee Suk-chae, chief executive of KT Corp, seems unscathed by his three decades working in Korean bureaucracy and is now hailed as one of the country’s most dynamic business leaders....
...“Without GSO, there would not have been a deal,” says Michael Chae, a managing director at Blackstone....
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