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Dyal Capital Is in Talks to Merge With Owl Rock Through SPAC

(Bloomberg) — Neuberger Berman’s Dyal Capital Partners is in talks to combine with Owl Rock Capital Partners in a deal that would take the asset managers public.



a man that is on fire: A pedestrian passes in front of a tube releasing a cloud of steam near the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Jan. 7, 2019. U.S. stocks climbed following last week's rally with investors piling into small-capitalization stocks amid the resumption of trade talks with China.


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A pedestrian passes in front of a tube releasing a cloud of steam near the New York Stock Exchange (NYSE) in New York, U.S., on Monday, Jan. 7, 2019. U.S. stocks climbed following last week’s rally with investors piling into small-capitalization stocks amid the resumption of trade talks with China.

The two firms are negotiating with Altimar Acquisition Corp., a special purpose acquisition company backed by HPS Investment Partners, which signed a nonbinding letter of intent for a potential merger, according to a statement and a regulatory filing Wednesday.

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“The founders of Owl Rock and Dyal would lead the stand-alone firm, and the investment teams and processes would remain unchanged,” the companies said.

The blank-check firm, led by Chief Executive Officer Tom Wasserman, said that it was in the process of conducting due diligence and that the deal isn’t guaranteed.

Altimar raised $275 million in an October initial public offering. At the time, the company said it would focus on finding targets in four industries in which HPS has expertise: health care, financial services, consumer and technology, and media and telecommunications. Dyal has owned a minority stake in HPS since 2018.

See also: Owl Rock Sells a Stake to Dyal Amid Private Credit Frenzy

The Wall Street Journal, which reported on the proposed transaction earlier, said the combined entity would be valued at about $13 billion.

Dyal, founded by former Lehman Brothers executives Michael Rees and Sean Ward, manages about $22 billion, according to its website. The firm’s funds own stakes in other asset managers such as Silver Lake, Vista Equity Partners and Iconiq Capital.

Owl Rock, which debuted in 2016, manages $23.7 billion of assets. Co-founders Doug Ostrover, Marc Lipschultz and Craig Packer held senior positions at Blackstone Group Inc., KKR & Co. and Goldman Sachs Group Inc., respectively. Last year, Dyal made an investment in Owl Rock that valued the firm at about $2.5 billion.

(Udpates with statement starting in second paragraph, Dyal partners in seventh.)

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