Dyal Capital, Owl Rock Capital could combine through SPAC deal
December 3, 2020- Share:
Dyal Capital Partners and Owl Rock Capital have reached a non-binding agreement to combine operations through a merger with a special-purpose acquisition company, according to a regulatory filing, with The Wall Street Journal reporting the deal could value the two firms at a combined $13 billion.
The SPAC, called Altimar Acquisition Corp., is sponsored by an affiliate of HPS Investment Partners. Dyal, a division of Neuberger Berman known for its GP stakes investing, purchased a 20% stake in Owl Rock just over a year ago for $500 million.
That deal added an investor best known for direct lending to a portfolio that includes minority stakes in notable firms like Silver Lake, Vista Equity Partners and Platinum Equity. Dyal may also be branching into taking GP stakes in VC investors: Bloomberg reported earlier this week that the firm and Kuwait-backed Wafra are in talks to buy a roughly 15% stake in Silicon Valley powerhouse NEA.
Related read: Dyal Capital eyes fund to buy NBA team stakes
The SPAC, called Altimar Acquisition Corp., is sponsored by an affiliate of HPS Investment Partners. Dyal, a division of Neuberger Berman known for its GP stakes investing, purchased a 20% stake in Owl Rock just over a year ago for $500 million.
That deal added an investor best known for direct lending to a portfolio that includes minority stakes in notable firms like Silver Lake, Vista Equity Partners and Platinum Equity. Dyal may also be branching into taking GP stakes in VC investors: Bloomberg reported earlier this week that the firm and Kuwait-backed Wafra are in talks to buy a roughly 15% stake in Silicon Valley powerhouse NEA.
Related read: Dyal Capital eyes fund to buy NBA team stakes
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