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Wednesday, November 7, 2012

Federal Judge Blocks the TCW Sale, For Now

News summary by MFWire's editors

The TCW sale may not be going through after all.

Jessica Toonkel of Reuters reports that a federal judge in Los Angeles has issued a ruling that may prevent the Carlyle Group from buying TCW, a deal that was announced in August.

Shortly after the announcement, EIG Global Energy Partners filed a complaint to block the sale, claiming that it violated the terms of EIG's separation from TCW.

Now, unless TCW can convince the judge to reverse the provisional ruling, the sale may be dead. Toonkel reports that a final ruling should be coming within days.

EIG has energy funds that compete directly with Carlyle's energy funds, according to Toonkel, and the lawsuit states that EIG's deal with TCW allows the firm to approve any sale.

Read the full Reuters story here

Edited by: Chris Cumming

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