Blackstone Is Said to Prepare Baltic Bank Luminor for a Sale

Private equity giant Blackstone Inc. is preparing the sale of its Baltic bank Luminor, according to people familiar with the matter.

The world’s biggest alternative asset manager is talking to potential advisers about the transaction, which could kick off later this year, they said, asking not to be identified because the discussions are private.

Blackstone declined to comment. The US firm is considering seeking about 1.2 times book value for the business in an exit, the people said. Tallinn, Estonia-based Luminor’s book value stood at €1.6 billion in 2022, according to filings.

Blackstone bought a majority of the bank ...