Owl Rock Capital Group and the Dyal Capital Partners division of Neuberger Berman Group today announced a definitive business combination agreement with Altimar Acquisition to form Blue Owl Capital. The new company would be an alternative asset management firm with over $45 billion under management.
Blue Owl will enter the public market through a business combination with Altimar.
The transaction is expected to provide approximately $1.8 billion in gross proceeds, comprised of Altimar’s $275 million held in trust and a $1.5 billion fully committed, oversubscribed, common stock PIPE at $10 per share, including investments from ICONIQ Capital, CH Investment Partners, Koch Companies Defined Benefit Master Trust, the Federated Hermes Kaufmann Funds, and Liberty Mutual Investments.
The combined entity is expected to have a post-transaction market capitalization of approximately $12.5 billion. Blue Owl expects to list on the NYSE under OWL. Read more.
