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Laxman Pai, Opalesque Asia: GCM Grosvenor, a global alternative asset management solutions provider with approximately $57 billion in assets under management, is planning to go public by merging with a special purpose acquisition company backed by the financial-services firm Cantor Fitzgerald in a deal valued at $2 billion.
The 50-year-old Chicago asset manager, currently owned by a group of its executives and private-equity firm Hellman & Friedman, will combine with the SPAC known as CF Finance Acquisition Corp, a Nasdaq-listed company. The deal is worth $2 billion including debt, the companies said in a press release.
Cantor Fitzgerald, shareholders of CF Finance, and other investors will own less than 30% of the new company.
The combined company will operate as GCM Grosvenor Inc. and expects its Class A common stock to be listed on the NASDAQ stock exchange. GCM Grosvenor's existing senior management team, led by Chairman & CEO Michael J. Sacks, will continue to lead the business.
Upon the completion of the transaction, GCM Grosvenor management will own more than 70% of the equity interests of the combined company - consistent with their historic ownership level of the firm - and will continue to lead all functions of the business with the same discipline, intensity, and accountability that have driven the firm's growth and success to date.
Entities affiliated with Hellman & Friedman (H&F), a minority investor in GCM Grosvenor since 2007,...................... To view our full article Click here
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