GLG Partners Going Public in the U.S. Through Merger |
| Bloomberg - Jun 25, 2007 |
GLG Partners LP, Europe's third-largest hedge fund manager, will go public in the U.S. through a $3.4 billion combination with a New York-based investment company.
GLG, which oversees more than $20 billion in client assets, will sell a minority stake to Freedom Acquisition Holdings Inc. for $1 billion and 230 million shares, gaining a listing on the New York Stock Exchange, the London-based company said today.
GLG joins Fortress Investment Group LLC and Blackstone Group LP in going public in the U.S., encouraged by burgeoning demand from investors for private equity and hedge funds. Blackstone, a buyout firm that owns companies with about 375,000 employees and $83 billion in annual sales, raised $4.13 billion last week in the largest U.S. initial public offering in five years.
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- Posted: 2007-06-25 09:55:25
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