A merger between investing heavyweights Owl Rock Capital Partners and Dyal Capital Partners is descending into a legal brawl with a $50 billion rival investor, Bloomberg reports.
Sixth Street Partners is seeking to block the Owl Rock-Dyal deal until concerns it has with the transaction are addressed, according to a letter sent to investors. The Alan Waxman-led firm says the terms of its 2017 stake sale to Dyal prevent them from a tie-up with a competitor such as Owl Rock without its consent. Sixth Street wants its stake to be excluded from the deal. Read more.
Owl Rock and the Dyal Capital Partners division of Neuberger Berman Group in December 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 would enter the public market through the three-way merger with Altimar.
“Altimar understands that Neuberger and Dyal believe that the allegations in the complaint are without merit and intend to vigorously oppose the lawsuit,” Altimar said in an 8-K filing.
