Debevoise & Plimpton LLP is advising the Tactical Opportunities Group of The Blackstone Group L.P. (“Blackstone”) in the acquisition Philadelphia Financial Group, Inc. (including both its third party administration and life insurance operations) from Tiptree Financial Inc. for approximately $155 million in cash plus additional consideration of approximately $10 million to be paid over two years. The transaction, which is subject to customary closing conditions including regulatory approval, is expected to close in the third quarter of 2015.

Blackstone is one of the world’s leading investment firms. The firm’s asset management businesses, with almost $300 billion in assets under management, include investment vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets and secondary funds, all on a global basis. Blackstone also provides various financial advisory services, including financial and strategic advisory, restructuring and reorganization advisory and fund placement services.

The Debevoise team is led by partners Nicholas F. Potter and Marilyn A. Lion and includes partners Jonathan F. Lewis, Jeffrey E. Ross and Peter F.G. Schuur and associates Jennifer L. Chu, Simone S. Hicks, Susan E. Moser, Daniel Priest, Scott B. Selinger and Kevin Trempe.