Press release
TPG to Acquire Angelo Gordon
Strategic Transaction Furthers TPG’s Position as a Diversified Global Alternative Asset Management Platform – Across Private Equity, Credit, Real Estate, and
About this update from Tpg Inc.
[{"type":"text","content":"\nStrategic Transaction Furthers TPG’s Position as a Diversified Global Alternative Asset Management Platform – Across Private Equity, Credit, Real Estate, and Market Solutions – and Unlocks New Avenues for Growth, Product Innovation, and Limited Partner Engagement\n\n\nDelivers Broad Spectrum of Alternatives Solutions to Clients\n\n\nExpected to be Accretive to TPG Shareholders on FRE and After-tax DE per Share in 2024\n\n\nTPG to Host Conference Call Today at 8:00am ET\n\n\n SAN FRANCISCO & FORT WORTH, Texas & NEW YORK--(BUSINESS WIRE)--\nTPG Inc. (NASDAQ: TPG), a leading global alternative asset management firm, and Angelo Gordon, a $73 billion1,2 alternative investment firm focused on credit and real estate investing, today announced that the companies have entered into a definitive agreement under which TPG will acquire Angelo Gordon in a cash and equity transaction valued at approximately $2.7 billion, based on TPG Inc.’s share price as of May 12, 2023, including an estimated $970 million in cash and up to 62.5 million common units of the TPG Operating Group and restricted stock units of TPG, in each case, subject to certain adjustments. The transaction also includes an earnout based on Angelo Gordon’s future financial performance, valued at up to $400 million.\n\n\nFounded in 1988, Angelo Gordon is a fully integrated and scaled multi-strategy platform with more than 650 employees across 12 offices in the U.S., Europe, and Asia. Angelo Gordon’s $55 billion1,2 credit platform offers scaled and diversified capabilities across the credit investing spectrum, including corporate credit, direct lending, and structured credit, and its $18 billion1,2 real estate platform manages dedicated value-add real estate strategies with significant reach in the U.S., Europe, and Asia, as well as a net lease strategy. Similar to TPG, Angelo Gordon has delivered significant and sustained momentum and growth, doubling its AUM over the past five years.\n\n\nTPG and Angelo Gordon had a combined AUM of $208 billion1 as of December 31, 2022. Upon the close of the transaction, TPG will manage assets across a broadly diversified set of investment strategies, including private equity, impact, credit, real estate, and market solutions. The addition of Angelo Gordon marks a significant expansion into credit investing for TPG, establishing additional lev...