TPG Inc. TPG said Monday it agreed to pay $2.7 billion for Angelo Gordon, a New York City-based private credit and real estate investment firm with $73 billion of assets under management (AUM). The purchase price includes $970 million in cash and up to 62.5 million common units. The two firms combined manage $208 billion. TPG CEO Jon Winkelried said the transaction “meaningfully expands our investing capabilities and broadens our product offering.” Josh Baumgarten, Angelo Gordon co-CEO and head of credit, said the transaction will provide the firm with “scale to capitalize on the growing opportunity set we see in the credit and real estate markets.” TPG stock is down 2.3% in 2023, compared to a 7.4% gain in the S&P 500 SPX.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
