Sam Zell, Chicago real estate titan who acquired Tribune Co. in 2007, died May 18. He was 81. The cause of death was related to complications from a recent illness.
Zell sold office tower company Equity Office to Blackstone Group for $39 billion in 2007, according to the AP, which called it the largest private equity transaction in history. He acquired Tribune Co. for $8.2 billion in December 2007 and became chairman. Zell offered $34 a share and took the company private under an employee stock-ownership plan. He put up just $315 million for the acquisition, and the employee-owners were saddled with $13 billion in debt.
