Blackstone Group has sold its 50% stake in Universal Studios Orlando, The Wall Street Journal reports. NBCUniversal will pay $1.025 billion to the private equity group for the stake.

The transaction is expected to be completed on July 1. Blackstone bought its 50% stake from Rank Group in 2000 for $275 million in cash, in addition to a payment of up to $75 million contingent on performance.

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