CF Finance and GCM Grosvenor, announced today that they have received all required approvals for their business combination. The transaction has been unanimously approved by the board of directors of CFAC and was approved at a special meeting of CFAC shareholders Nov. 3. The transaction is expected to close Nov. 17, the comapnies said in a filing, at which time GCM shares are expected to be listed on the NASDAQ under “GCMG.”
Upon the completion of the transaction, GCM Grosvenor management will own in excess of 78% of the equity interests of the post-transaction company. The cash held in CFAC’s trust account, together with the $195 million in PIPE proceeds and $30 million investment from Cantor Fitzgerald, will be used to pay cash consideration to GCM Grosvenor’s current investors.
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