for $2.2 billion cash, during AIG’s spin-off of the unit by IPO in 2022. The two firms also entered a long-term asset management agreement for about 25% of AIG’s life and retirement portfolio, scheduled to increase in subsequent years. In August 2021, the merger of two Blackstone portfolio companies, Vungle and Liftoff, was announced. Both companies are in the mobile advertising space. In October 2021, the Blackstone Group acquired a majority stake of Spanx, Inc. The company was valued at US$1.2 billion. The deal was prepared by an all-female investment team from Blackstone, and it was announced that the Board of Directors would be all-female. In October 2021, Blackstone acquired the Nucleus Network, Australia's premier clinical researcher, who are providing staple 'healthy' volunteers large financial rewards for drug trials. Blackstone to Acquire Nucleus Network, Australia's Largest Phase One Clinical Trials Specialist On February 14, 2022 Crown Resorts accepted Blackstone's takeover offer. Blackstone will pay US$6.6 billion for 90% of shares outstanding. In April 2022, Blackstone agreed to acquire the Austin-based American Campus Communities, Inc. for nearly $13 billion. In April 2022, Blackstone announced that it would acquire PS Business Parks for $7.6 billion. In October 2022, Emerson Electric agreed to sell a 55 percent majority stake in its climate technologies business to Blackstone in a $14billion deal including debt. Operations Blackstone operates through four primary departments: private equity; real estate; hedge funds; and credit. Corporate private equity , Blackstone was the world's largest private equity firm by capital commitments as ranked by Private Equity International. The firm invests through minority investments, corporate partnerships, and industry consolidations, and occasionally, start-up investments. The firm focuses on friendly investments in large capitalization companies. Blackstone has primarily relied on private equity funds, pools of committed capital from pension funds, insurance companies, endowments, fund of funds, high-net-worth individuals, sovereign wealth funds, and other institutional investors. From 1987 to its IPO in 2007, Blackstone invested approximately $20 billion in 109 private equity transactions. Blackstone's most notable investments include Allied Waste, AlliedBarton Security Services, Graham Packaging, Celanese, Nalco, HealthMarkets, Houghton Mifflin, American Axle, TRW Automotive, Catalent Pharma Solutions, Prime Hospitality, Legoland, Madame Tussauds, Luxury Resorts (LXR), Pinnacle Foods, Hilton Hotels Corporation, Motel 6, Apria Healthcare, Travelport, The Weather Channel (United States) and The PortAventura Resort. In 2009, Blackstone purchased Busch Entertainment (comprising the Sea World Parks, Busch Garden Parks and the two water parks). In 2020 they