The word in Los Angeles is that Carlyle Group
is on the verge of signing a deal to buy TCW
]. Fundsters told MFWire
that they expect Societe Generale
to sign a deal this week, and one source said they'll announce the sale tomorrow.
Spokesmen for Carlyle and TCW both declined to comment for this story. MFWire
could not immediately reach a SocGen spokesperson based in New York City.
Earlier this month Reuters reported
that two other private equity firms had dropped out of the bidding. Carlyle is the only publicly-mentioned bidder remaining. On Friday, the wire service reported
that SocGen's unions approved the TCW sale. Yet the report added that neither the price and the winning bidder were revealed at the meeting.
One insider told MFWire
that the price is $700 million, all in Carlyle stock. That nearly matches the $350-million-for-51-percent pricing then-chief investment officer Jeff Gundlach offered
SocGen back in September 2009, according to Gundlach's testimony in court last year. He made that offer prior to TCW's purchase of rival MetWest, announced in December 2009.
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