ACM Projektentwicklung GmbH, which owns Leica, and the investment and advisory firm Blackstone have announced "a strategic partnership whereby investment funds advised by Blackstone will acquire, indirectly through a holding company, a 44% minority stake in Leica Camera AG, to support Leica's international growth plans."

The transaction, which is expected to close before the end of the year and is valued by the Wall Street Journal at €130 million ($179 million), is subject to regulatory approval. It comes as Leica is looking to build from its "successful market position" to expand "the business into new markets." Leica believes that Blackstone's global footprint, particularly in Asia, will be beneficial for that growth strategy.

"With Blackstone we have gained an experienced and internationally established strategic partner, which also understands and appreciates the established brand philosophy and business model of Leica," says Dr. Andreas Kaufmann, chairman of the supervisory board of Leica. "Following the successful turnaround of the business and record sales last year, we are now focused on the continued development of the brand, its products and our growth plans into new markets such as Asia, South America and the Middle East."

However, Kaufmann is quick to add that ACM will not be selling additional Leica shares beyond the 44% agreed as part of its deal with Blackstone.

"We are very excited about supporting Leica to secure long-term commercial relationships, specifically in emerging markets, and help strengthen the company's operational and retailing capabilities globally," says Axel Herberg, Blackstone senior managing director.

In June, Leica confirmed to BJP that it would unveil a new mirrorless camera in 2012, as part of a bid to expand its reach.