View more on these topics

Man Group to acquire GLG Partners

Man Group is to acquire GLG Partners in a deal worth £1.1bn.

The deal is set to be completed by September 2010 and would create an alternative investment manager worth £43.6bn.

The acquisition is structured as a cash offer to GLG public shareholders and a share offer to the firm’s principals.

GLG public stockholders will receive 3.12p in cash per share of  GLG common stock, representing a premium of 55 per cent at the last business day closing price for GLG on May 14, 2010.

GLG’s principals will receive 1.0856 new Man shares for each of their shares of GLG common stock. The GLG stock will be valued at 2.42p a share. Each of the principals, barring the two limited partnerships, will enter a lock-up agreement of up to three years. They will have the ability to dispose of up to a third of shares subject to the agreement after the second anniversary.

GLG currently has £16.4bn of assets under management. The firm was founded in 1995 and moved into the UK retail space following its acquisition of SocGen UK Asset Management last year.

Man chief executive Peter Clarke says: “The fit between the two businesses is excellent; across investment strategies, geography and investor base. Man’s quantitative and multi-manager expertise complements GLG’s long track record in discretionary investment strategies, and both firms focus on liquid, transparent and dynamic trading.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm