New York leaders Simpson Thacher & Bartlett and Skadden Arps Slate Meagher & Flom have bagged the lead roles on Blackstone’s high-profile $4bn (£2.03bn) initial public offering (IPO) – a float that values the group at $40bn (£20.3bn).

It was announced yesterday (22 March) that Simpson Thacher is advising regular client Blackstone, with New York corporate partner Joshua Bonnie leading the team.