Dyal Capital and Owl Rock agree $12.5bn SPAC merger and IPO Monday, December 28, 2020
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.
Dyal, Owl Rock Merge via SPAC to Form Asset Manager Giant
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Neuberger Berman’s Dyal Capital Partners and direct lender
Owl Rock Capital Partners have agreed to merge via a blank check company, forming a new alternative asset manager overseeing $45 billion.
The firms which will create a newly formed entity named Blue Owl Capital Inc. will go public through a combination with
Altimar Acquisition Corp., a special purpose acquisition company backed by
HPS Investment Partners, according to a statement. The merged company is expected to have a market capitalization of about $12.5 billion.
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
It’s official. Dyal Capital Partners and
Owl Rock Capital are combining and going public by merging with a special purpose acquisition company. Blue Owl Capital, the resulting entity, will list on the New York Stock Exchange.
The complicated deal goes like this: Dyal, a unit of Neuberger Berman that invests in alternative-asset managers, has agreed to merge with Owl Rock, a middle-market lender that also counts Dyal as an investor, to create Blue Owl, an alternative asset manager with $45 billion in assets under management.
Blue Owl will then combine with Altimar (ticker: ATAC), a SPAC from HPS Investment Partners. Blue Owl is expected to have a $12.5 billion market capitalization. It will trade sometime during the first half of 2021 on the NYSE under the symbol OWL.
Owl Rock, Dyal Capital to merge in $12 billion deal
Bloomberg
Owl Rock Capital Group and Dyal Capital Partners, both based in New York, are coming together to form a new publicly traded investment firm.
Owl Rock Capital Group and Neuberger Berman Group s Dyal Capital Partners announced Wednesday that they have agreed to merge.
The two firms will combine with a special purpose acquisition company, Altimar Acquisition Corp., to form a publicly traded alternative investment firm, Blue Owl Capital Inc., according to an SEC filing.
Altimar is sponsored by alternative investment firm HPS Investment Partners.
The deal 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.