Investor Alert

The Wall Street Journal

Dec. 2, 2020, 5:41 p.m. EST

Dyal Capital in merger talks with Owl Rock Capital

By Miriam Gottfried and Cara Lombardo

Dyal Capital Partners is in talks to merge with Owl Rock Capital Partners LP, part of a complicated deal with a special-purpose acquisition company that would value the fast-growing asset managers at about $13 billion combined and take them public, according to people familiar with the matter.

Dyal and Owl Rock have been discussing a deal with a special purpose acquisition company called Altimar Acquisition Corp.  (NYS:ATAC.UT)   , the people said.

As part of the deal, the firms could also raise additional capital, as is often the case in mergers with blank-check companies like Altimar. There are no guarantees the various parties will ultimately reach a deal, especially given the additional complexities posed by effectively pulling off two transactions at once.

Should it come together, it would be the latest in a recent series of asset-management deals and combine one of the biggest owners of private-equity firm stakes with an upstart credit investor that has posted rapid growth financing deals for many of the same private-equity firms.

An expanded version of this report appears on WSJ.com.

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