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Tuesday, September 06, 2011|
How Much Did TCW Pay For MetWest?
Thanks to the courtroom battle between TCW and its ex-chief investment officer, DoubleLine chief Jeff Gundlach, the $300 million price tag ($180 million in cash and the rest in stock) for MetWest (which had $30 billion in assets at the time) has come to light.
Pensions & Investments' Randy Diamond reports that, in October 2009, Citigroup's Gary Shedlin wrote an e-mail to Societe Generale global investment management and services chief Jacques Ripoll, saying that MetWest was worth "closer to $200 million" and not "the $300 million nominal value they are asking for."
TCW CEO Marc Stern told P&I that "it was a fair deal … and in retrospect it has turned out to be a great deal."
Printed from: MFWire.com/story.asp?s=37725
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