Blackstone Nears Deal to Buy American Industrial Partners Stake

An arm of Blackstone Inc. is in advanced talks to acquire a minority stake in American Industrial Partners, according to people with knowledge of the matter.

A deal hasn’t been finalized, but if one is reached, the transaction could be announced in coming weeks, said one of the people, all of whom asked not to be identified discussing confidential information. Terms couldn’t immediately be learned.

American Industrial Partners declined to comment, and representatives for Blackstone didn’t respond to requests for comment.

New York-based American Industrial Partners, also known as AIP, is best known for making private equity bets in ...