Reginald Lewis completes $985 million Beatrice International buyout

Baltimore-born attorney and financier Reginald Lewis completed the leveraged buyout of Beatrice Companies' international operations for $985 million in 1987, creating TLC Beatrice International and becoming the first Black American to build a billion-dollar business. The deal was the largest offshore leveraged buyout in history at the time, shattering barriers on Wall Street.