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Breakingviews - Fund firm merger-SPAC deal has hairy outline

Kenyans247 / Kenyans247 / General / International Forum / Breakingviews - Fund firm merger-SPAC deal has hairy outline

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Breakingviews - Fund firm merger-SPAC deal has hairy outline by Kenyans247(1): Mon 07, December, 2020 09:56am
NEW YORK (Reuters Breakingviews) - Sometimes a transaction looks so hairy that it’s hard to tell if there’s a sensible idea at its core. Dyal Capital Partners and Owl Rock Capital Partners are considering merging and going public through a third entity, a blank-check vehicle called Altimar Acquisition, the firms said on Wednesday. It’s a complex triangle even without circular wrinkles.

Dyal, a unit of Neuberger Berman, oversees holdings in other alternative asset managers worth some $22 billion. Owl Rock has direct-lending assets under management of $24 billion. Here’s where it gets interesting: Dyal last year bought a stake in Owl Rock, paying $500 million for a 20% interest according to the Wall Street Journal.That’s a potential conflict of interest, something not uncommon and manageable with care. But there’s more. Altimar, the special-purpose acquisition company that may buy into the Dyal-Owl Rock combo, is sponsored by another investment firm, HPS Investment Partners. Dyal bought a slice of HPS in 2018.

Again, that ought to be manageable. Shareholders in SPACs like Altimar are often specialist funds that leave such things to the principals involved. One challenge for investors who may buy in after a SPAC has found a target, however, is that deal terms are set by the same few people, not through a traditional market-based price-discovery process.
https://www.reuters.com/article/us-usa-spacs-breakingviews/breakingviews-fund-firm-merger-spac-deal-has-hairy-outline-idUSKBN28E2I6

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