MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
|
|
MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Friday, August 10, 2012 How Do an Olsen Twin and an Ex-Prez of France Tie In to the TCW Sale? What do Marc Stern and an Olsen twin have in common? Did you know that the sibling of an ex-president of France pulled the trigger on Carlyle Group's planned purchase of TCW [profile] from Societe Generale? Those are just two tidbits gleaned from morning-after coverage of the deal. Multiple publications note that Olivier Sarkozy, head of Carlyle's global financial services group and architect of the deal, is the half-brother of French ex-president Nicholas Sarkozy. That probably didn't hurt Carlyle's negotiating position with SocGen, a giant French bank. And as a recently as July 19 the New York Post reported that "the romance between Mary-Kate Olsen and Olivier Sarkozy is becoming more serious," with Sarkozy buying a downtown Big Apple townhouse. Morningstar's Fund Times column and TCW's hometown paper, the Los Angeles Times, both confirm that TCW offered PMs five-year contracts and equity in TCW (management and employees will hold 40 percent post-sale), and that PMs in charge of 90 percent of TCW's $131 billion in assets under management have already signed up. Although the terms of the deal were not disclosed, multiple pubs estimate that the deal values TCW at between $700 million and $800 million in total, putting the price tag for Carlyle's funds' 60 percent stake at $420 million to $480 million. Carlyle's hometown paper, the Washington Post, notes that, despite the deal, yesterday was not a good day for the freshly-public private equity shop. Its shares fell 1.31 percent to $24.02. Is a TCW IPO right around the corner? Multiple pubs highlight the fact that Carlyle's buying TCW for two of its funds, not for itself, suggesting a shorter expected hold time. Sarkozy, TCW chairman-to-be and outgoing CEO Marc Stern, and new TCW CEO David Lippman all told Pensions & Investments that it's too early to speculate on a possible TCW IPO. Fortune, though, is more certain. "Don't be surprised to see TCW on the IPO calendar within the next couple of years," a Fortune editor writes. Deal coverage pops up in a number of other pubs, including: Agence France-Presse, the Associated Press, Bloomberg Businessweek, the Deal, the Financial Times, the Los Angeles Business Journal, the New York Times, RTTNews and the Wall Street Journal Printed from: MFWire.com/story.asp?s=40890 Copyright 2012, InvestmentWires, Inc. All Rights Reserved |