|
Laxman Pai, Opalesque Asia: Neuberger Berman's Dyal Capital Partners and direct lender Owl Rock Capital have agreed to combine in a complex deal to take them public via a blank cheque vehicle.
The two firms will combine with a special purpose acquisition company (SPAC), Altimar Acquisition Corp., to form a publicly traded alternative investment firm, Blue Owl Capital overseeing assets worth $45 billion.
Altimar is sponsored by alternative investment firm HPS Investment Partners.
The merged company is expected to have a market capitalization of about $12.5 billion and to be listed on the NYSE under the new ticker OWL.
According to sources, the deal which valued at about $12.2 billion and includes a combined $1.5 billion commitment from ICONIQ Capital, CH Investment Partners, $6.8 billion Koch Companies Defined Benefit Master Trust, Wichita, Kan, the Federated Hermes Kaufmann Funds, and Liberty Mutual Investments.
Douglas Ostrover, co-founder of Owl Rock, will serve as chief executive officer of Blue Owl, which will focus on direct lending and capital solutions for general partners, the statement said. Dyal co-founder Michael Rees and Owl Rock founder Marc Lipschultz will serve as co-presidents of the new company.
Owl Rock and Dyal founders, as well as Neuberger Berman, will retain equity stakes in Blue Owl.
Doug Ostrover said: "Blue Owl's expertise, agility, and scale, supported by a substantial permanent capital base, will enable us to offer a...................... To view our full article Click here
|
RSS
