Owl Rock, Dyal Capital to lumber public by task of SPAC merger

(Reuters) -Asset managers Owl Rock Capital Crew and Dyal Capital Partners on Wednesday agreed to merge and lumber public through Altimar Acquisition Corp, a smooth-take a look at company.

The combined company, to be known as Blue Owl Capital Inc, will possible be valued at about $12.5 billion managing over $45 billion in resources and would per chance well list on the NYSE after shut of the deal first half of of 2021.

The deal is expected to present about $1.8 billion in unsuitable proceeds, of which $275 million will possible be equipped by Altimar through cash held in a belief and $1.5 billion will attain from traders, including ICONIQ Capital, CH Investment Partners and Liberty Mutual Investments amongst others.

Altimar, which is a remark aim acquisition company, raised $250 million in its IPO in October this year.

A SPAC is a shell company which raises funds in an IPO with the aim of acquiring a personal company, which then turns into public as outcomes of the merger.

SPACs contain emerged as one of Wall Side street’s most popular investment vehicles in 2020, with over 200 SPACs raising bigger than $70 billion.

Shares of Altimar are up 9.7%.

Reporting by Sohini Podder in Bengaluru

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