{"id":1004662845,"date":"2023-05-15T10:54:04","date_gmt":"2023-05-15T18:54:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004662845"},"modified":"2023-05-15T10:54:06","modified_gmt":"2023-05-15T18:54:06","slug":"tpg-to-acquire-angelo-gordon-for-2-7b","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/tpg-to-acquire-angelo-gordon-for-2-7b\/","title":{"rendered":"TPG to Acquire Angelo Gordon for $2.7B"},"content":{"rendered":"
\"Office<\/a>

Image by Bruce Emmerling via Pixabay.com<\/em><\/p><\/div>\n

TPG<\/strong> is acquiring Angelo Gordon<\/strong> for approximately $2.7 billion in cash and equity. Upon closing, Angelo Gordon will become an investing platform of its new parent. The New York City-based company\u2019s co-CEOs, Josh Baumgarten and Adam Schwartz, will become co-managing partners of the new investment vehicle.<\/p>\n

San Francisco-based TPG\u2019s board has unanimously approved the deal, which is expected to close in the fourth quarter of 2023. The purchase price is based on TPG\u2019s share price as of May 12, including an estimated $970 million in cash and up to 62.5 million common units of the TPG Operating Group, as well as restricted stock units of TPG, the companies announced on Monday, May 15.<\/p>\n

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READ ALSO<\/strong>: Why Having a Workplace Strategy Is a Must Today<\/a><\/p>\n

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The deal includes an earnout based on Angelo Gordon\u2019s future financial performance, valued at as much as $400 million. The cash portion of the deal will be funded by TPG\u2019s cash balance and undrawn revolver.<\/p>\n

Combined AUM value<\/h2>\n

Angelo Gordon, which was founded in 1988, has more than 650 employees at its 12 offices across the U.S., Europe and Asia, as well as a $55 billion credit platform and an $18 billion real estate platform. The two companies\u2019 combined AUM was $208 billion as of the end of 2022.<\/p>\n

The deal will represent a significant expansion into credit investing for TPG, including corporate credit and special situations, direct lending and structured credit. It will also expand the buyer\u2019s geographic reach in Europe and Asia, broadening its sourcing capabilities and adding additional strategies.<\/p>\n

Ardea Partners<\/strong>, Morgan Securities LLC<\/strong> and Morgan Stanley<\/strong> advised TPG, while Weil, Gotshal & Manges<\/strong> acted as lead legal counsel. Goldman, Sachs & Co.<\/strong> and Piper Sandler<\/strong> were Angelo Gordon\u2019s financial advisors, with Paul, Weiss<\/strong> acting as the firm’s legal advisor.<\/p>\n","protected":false},"excerpt":{"rendered":"

Upon closing, Angelo Gordon will become an investing platform of its new parent.<\/p>\n","protected":false},"author":3154,"featured_media":1004529056,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21783,21742],"tags":[43448,33184],"class_list":["post-1004662845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-investment","category-latest","tag-angelo-gordon","tag-tpg-capital"],"acf":[],"yoast_head":"\nTPG to Acquire Angelo Gordon for $2.7B - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"TPG is acquiring Angelo Gordon for $2.7 billion in cash and equity. 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