On March 29, 2011, Man Group plc announced that it has agreed to acquire an additional 50% stake in Ore Hill Partners LLC and Ore Hill Partners Capital Management LLC for $18 million in stock consideration, giving it full ownership.
On March 29, 2011, Man Group plc announced that it has agreed, through its US subsidiaries, to acquire full ownership of Ore Hill Partners LLC and Ore Hill Partners Capital Management LLC. Man Group acquired a 50% stake in Ore Hill in 2008, and will acquire the remaining 50% in exchange for predominantly stock-based consideration. Ore Hill, which manages approximately $800 million in fund of funds, will remain as an investment advisor but will operate out of GLG, Man’s discretionary investment management platform. The transaction, which is subject to obtaining applicable consents, is expected to be complete in the second quarter.
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