12:28 PM EDT, 07/19/2024 (MT Newswires) -- (Updates with Moelis' ( MC ) response in the fourth paragraph.)

Blackstone (BX) is mulling a deal to sell its minority stake in UK marketing provider HH Global, Bloomberg News reported Friday, citing people familiar with the matter.

Blackstone is working with investment bank Moelis ( MC ) on the potential transaction, the people were quoted as saying. A stake sale could value HH Global at 2 billion pounds ($2.6 billion) to 2.5 billion pounds, according to the report.

Deliberations are at initial stage and Blackstone could decide against selling the stake, the report added.

Blackstone and Moelis ( MC ) declined requests for comment from MT Newswires. HH Global did not immediately respond to a request for comment.

Shares of Blackstone were more than 4% higher in recent trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 141.71, Change: +5.30, Percent Change: +3.89