U.S. private equity group Blackstone Group has entered into a strategic partnership with ACM Projektentwicklung to buy a stake in Leica Camera. As part of the deal, the investment funds advised by Blackstone will purchase a 44 percent stake in the German digital and analog cameras manufacturer through a holding company for an undisclosed sum.

ACM, a Salzburg-based investment company that owns more than 97 percent of the voting rights of Leica Camera, does not intend to sell more shares and would remain the majority shareholder, adds Financial Times. The acquisition will support Leica’s international growth plans. The deal is expected to be completed in the fourth quarter, pending regulatory approval.

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