|
Laxman Pai, Opalesque Asia: Alternative manager Blue Owl Capital is pushing deeper into the red-hot private credit market with a deal to buy alternative credit manager Atalaya Capital Management, which manages more than $10 billion.
Blue Owl agreed to pay an initial $450 million for Atalaya. The price includes $350 million of equity and $100 million of cash. The sellers could also receive another $350 million after the deal closes, subject to adjustments and the achievement of future revenue targets.
The acquisition is expected to close in the second half of 2024, subject to customary closing conditions, and is expected to be modestly accretive to Blue Owl in 2025.
According to a press release from the alternative asset manager, since inception, Atalaya has deployed over $17 billion of capital with nearly 70 percent of deal flow sourced directly through asset owners, originators, or joint venture partners.
Atalaya was founded in 2006 by Ivan Zinn, who serves as Founding Partner and Chief Investment Officer. Ivan will join Blue Owl as Head of Alternative Credit and will report to Craig Packer, Head of Credit and Co-President of Blue Owl.
According to the release, Atalaya is based in New York and has approximately 115 employees, including over 50 investment professionals. Upon closing of the acquisition, most of Atalaya's employees are expected to join Blue Owl and will continue to manage existing Atalaya funds.
Blue Owl's Co-CEOs Doug Ostrover and Marc ...................... To view our full article Click here
|
RSS
