GLG Partners Two-Stepping To U.S. ListingHedge-Fund Manager Seeks to Raise Capital And Profile via NYSE
By HENNY SENDER and ALISTAIR MACDONALD
June 25, 2007; Page C1
GLG Partners LP, the large London hedge-fund manager with a turbulent past, is engineering a two-step transaction that will make it a publicly listed U.S. company, giving it a higher profile with American investors.
The first step, to be announced today, calls for 28% of GLG Partners to be acquired by Freedom Acquisition Holdings Inc., people familiar with the matter said.
Freedom is part of a crop of special-purpose acquisition vehicles, also known as blank-check companies, that have exploded in popularity in the past year and exist solely to buy companies. Freedom trades on the American Stock Exchange and after acquiring the stake in GLG, which has $20 billion in assets under management, the merged entity plans to list on the New York Stock Exchange under the symbol GLG and expects an initial stock-market value of $3.4 billion.
As part of GLG's push to bring in more investors, GLG co-founder Jonathan Green last week sold part of his stake in the firm to an investment arm of the government of Dubai and the largest private bank in Germany, giving each a 3% stake.
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