BlackRock Buys Quellos' Fund-of-Hedge Funds Business

Skadden is representing BlackRock, Inc., the asset management firm, in its acquisition of the fund-of-funds business of Quellos Group, LLC, a Seattle investment firm, for approximately $1.7 billion.

With the transaction, expected to close in October 2007, BlackRock will establish a presence in the area of alternative investments. Its fund-of-funds business will include hedge funds, private equity and real assets.