B. Riley to sell Great American Group unit to Oaktree for about $400 mln, WSJ reports
Oct 13 (Reuters) -Investment bank B. Riley RILY.O has agreed to sell its appraisal and valuations unit Great American to asset-management firm Oaktree Capital for about $400 million, WSJ reported on Sunday, citing people familiar with the matter.
As per the agreement, B. Riley will receive about $203 million in cash, preferred equity interests in a new holding company for Great American worth about $183 million, and a minority share of common equity interests in the holding company, the report added.
Oaktree will end up with a majority of the common shares, the report said, according to one of the people familiar with the matter.
B. Riley declined to comment on the report.Oaktree Capital did not immediately respond to Reuters' requests for comments.
B. Riley said early last month it was in exclusive negotiations with a global asset manager to sell a 53% stake in its Great American Group business. Bloomberg News reported in August that Oaktree Capital was in talks to acquire the stake.
Reporting by Angela Christy in Bengaluru; Editing by Aurora Ellis
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
