BlackRock to Acquire Tennenbaum Capital Partners

April 23, 2018

On April 17, 2018, BlackRock announced that it had agreed to acquire Tennenbaum Capital Partners, LLC.

After the transaction, Tennenbaum Capital Partners, LLC (“TCP”) is expected to become a wholly-owned subsidiary of BlackRock, Inc. (“BlackRock”). Current members of the TCP will join BlackRock as part of the transaction and will continue to be responsible for investments of TCP Capital Corp. pending approval of TCP Capital Corp.’s shareholders. The transaction is expected to close in the third quarter of 2018 and subject to customary regulatory and closing conditions. The terms of the deal were not disclosed.

BlackRock (NYSE: BLK) is a New York City-based global investment manager. As of December 31, 2017, BlackRock had approximately $6.28 trillion in assets under management.

TCP is a Los Angeles-based alternative investment manager focused on middle market performing credit and special situation credit opportunities. TCP has approximately $9 billion of committed client capital as of December 31, 2017.

Sandler O’Neill + Partners, L.P. served as financial advisor in connection with this transaction to CNO Financial Group, Inc., which holds a non-controlling minority stake in TCP.

To read the press release: please click here.


Categories

Investment Manager M&A, Transactions