Tony (and) Bennett

Blackstone’s new hedge fund deal looks like a bargain. The private equity firm is buying GSO Capital Partners for $930m. The fund is a good fit. The two firms’ bigwigs even have some history. And Blackstone’s move looks to have trumped Merrill Lynch, which snapped up a stake in GSO near to top of the market. The cash and stock deal is a no-brainer for Blackstone. The private equity firm will pay $620m initially, and an additional $310m over five years if the business meets certain earnings targ...