Blackstone selling security services company AlliedBarton to Wendel for about $1.67B

IndustriesAssociated Press

Investment firm Blackstone is selling the security services company AlliedBarton to French investment firm Wendel SE for about $1.67 billion

AlliedBarton, based in Philadelphia, has more than 3,300 customers and more than 60,000 workers. It provides security guards to industries such as health care, government services, petrochemicals and retail.

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The Blackstone Group LP is based in New York.

The deal is targeted to close later this year.