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Owl Rock and Dyal Capital to Form Blue Owl Capital, Listed on NYSE via Business Combination with Altimar Acquisition Corporation
- Client News
- December 23, 2020
Paul, Weiss is advising Altimar Acquisition Corporation in its combination with Owl Rock Capital Group and the Dyal Capital Partners division of Neuberger Berman Group LLC to form Blue Owl Capital Inc., a stand-alone firm that will have over $45 billion in combined assets under management. Altimar is a special purpose acquisition company (SPAC) sponsored by an affiliate of HPS Investment Partners, LLC. Following the completion of the transaction, Blue Owl will enter the public market, with an expected post-transaction market capitalization of approximately $12.5 billion.
The transaction is expected to provide approximately $1.8 billion in gross proceeds, comprised of Altimar’s $275 million of cash held in trust and a $1.5 billion fully committed, oversubscribed, common stock private investment in public equity (PIPE) at $10.00 per share, including investments from ICONIQ Capital, CH Investment Partners, Koch Companies Defined Benefit Master Trust, the Federated Hermes Kaufmann Funds and Liberty Mutual Investments. The transaction is expected to be completed in the first half of 2021, subject to customary closing conditions and approvals.
The Paul, Weiss team includes, among others, M&A partner Ellen Ching, and counsel Scott Grader, David Harris and Jason Tyler; funds partners Udi Grofman and Amran Hussein, and counsel Philip Heimowitz; securities partner Raphael Russo and counsel David Curtiss; intellectual property partner Claudine Meredith-Goujon; tax partner Lindsay Parks; litigation partner Gregory Laufer and counsel Steven Herzog; executive compensation counsel Reuven Falik and Meghan Fox; antitrust counsel Marta Kelly and Yuni Sobel; and financing partner Robert Zochowski.