What do Marc Stern
and an Olsen twin have in common? Did you know that the sibling of an ex-president of France pulled the trigger on Carlyle Group
's planned purchase
] from Societe Generale
? Those are just two tidbits gleaned from morning-after coverage of the deal.
Multiple publications note that Olivier Sarkozy
, head of Carlyle's global financial services group and architect of the deal, is the half-brother of French ex-president Nicholas Sarkozy
. That probably didn't hurt Carlyle's negotiating position with SocGen, a giant French bank. And as a recently as July 19 the New York Post
reported that "the romance between Mary-Kate Olsen
and Olivier Sarkozy
is becoming more serious," with Sarkozy buying a downtown Big Apple townhouse.
's Fund Times
column and TCW's hometown paper, the Los Angeles Times
, both confirm that TCW offered PMs five-year contracts and equity in TCW (management and employees will hold 40 percent post-sale), and that PMs in charge of 90 percent of TCW's $131 billion in assets under management have already signed up.
Although the terms of the deal were not disclosed, multiple pubs estimate that the deal values TCW at between $700 million and $800 million in total, putting the price tag for Carlyle's funds' 60 percent stake at $420 million to $480 million.
Carlyle's hometown paper, the Washington Post
, notes that, despite the deal, yesterday was not a good day for the freshly-public private equity shop. Its shares fell 1.31 percent to $24.02.
Is a TCW IPO right around the corner? Multiple pubs highlight the fact that Carlyle's buying TCW for two of its funds, not for itself, suggesting a shorter expected hold time. Sarkozy, TCW chairman-to-be and outgoing CEO Marc Stern
, and new TCW CEO David Lippman
all told Pensions & Investments
that it's too early to speculate on a possible TCW IPO. Fortune
, though, is more certain.
"Don't be surprised to see TCW on the IPO calendar within the next couple of years," a Fortune editor writes.
Deal coverage pops up in a number of other pubs, including: Agence France-Presse
, the Associated Press
, Bloomberg Businessweek
, the Deal
, the Financial Times
, the Los Angeles Business Journal
, the New York Times
and the Wall Street Journal
Neil Anderson, Managing Editor
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