Blue Owl Capital’s Formation and Listing on NYSE

Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Neuberger Berman, Kirkland & Ellis LLP acted as legal counsel to Owl Rock, Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal counsel to Dyal, Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal counsel to Altimar Acquisition Corporation on the deal.

Owl Rock Capital Group and the Dyal Capital Partners division of Neuberger Berman Group LLC entered into a definitive business combination agreement with Altimar Acquisition Corporation (NYSE: ATAC) to form Blue Owl Capital Inc., an alternative asset management firm with over $45.0 billion in assets under management.

Blue Owl will enter the public market through a business combination with Altimar, a special purpose acquisition company sponsored by an affiliate of HPS Investment Partners, LLC. The combined entity is expected to have a post-transaction market capitalization of approximately $12.5 billion. As a result of the transaction, Blue Owl is expected to be listed on the NYSE under the new ticker “OWL”.

The new firm’s main business will focus on two of the fastest growing areas of alternative asset management: Direct Lending, where Owl Rock is one of the leading private credit providers to middle and upper middle market businesses backed by top-tier financial sponsors, and GP Capital Solutions, where Dyal has been a leader and innovator since its founding. The Owl Rock and Dyal businesses will be autonomous but complementary

Transaction expected to provide approximately $1.8 billion in gross proceeds, comprised of Altimar’s $275 million of cash held in trust (assuming no redemptions) and a $1.5 billion fully committed, oversubscribed, common stock PIPE at $10.00 per share, including investments from ICONIQ Capital, CH Investment Partners, Koch Companies Defined Benefit Master Trust, the Federated Hermes Kaufmann Funds, and Liberty Mutual Investments.

Altimar Acquisition Corporation is a special purpose acquisition company sponsored by Altimar Sponsor, LLC, an affiliate of HPS Investment Partners, LLC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

Owl Rock Capital Group, together with its subsidiaries, is a New York-based direct lending platform with approximately $23.7 billion of assets under management as of September 30, 2020. Owl Rock’s platform consists of multiple investment funds and products including business development companies (“BDCs”).

Dyal Capital seeks to acquire minority equity stakes in and provide financing to established alternative asset managers. With over a decade of experience transacting with institutional financial firms, Dyal has completed over 50 equity and debt transactions and manages approximately $23.3 billion in aggregate capital commitments as of November 30, 2020.

Neuberger Berman Group LLC, founded in 1939, is a private, independent, employee-owned investment manager. The firm manages a range of strategies—including equity, fixed income, quantitative and multi-asset class, private equity, real estate and hedge funds—on behalf of institutions, advisors and individual investors globally.

The Skadden team included M&A partners Peter Serating (New York; Picture), Paul Schnell (New York), Joseph Coco (New York), Richard Oliver (Washington, D.C.) and Christopher Barlow (New York); Tax partner David Polster (Chicago); Capital Markets partner Laura Kaufmann Belkhayat (New York); Executive Compensation and Benefits partner Regina Olshan (New York); Investment Management partners Heather Cruz (New York) and Michael Hoffman (New York); Corporate partner Gregg Noel (Palo Alto/Los Angeles) and Andrew Garelick (Los Angeles); and Financial Institutions M&A partner David Hepp (New York).

The Paul, Weiss team advising Altimar included M&A partners Ariel Deckelbaum and Ellen Ching, and counsel Scott Grader, David Harris and Jason Tyler; funds partners Udi Grofman and Amran Hussein, and counsel Philip Heimowitz; securities partner Raphael Russo and counsel David Curtiss; intellectual property partner Claudine Meredith-Goujon; tax partner Lindsay Parks; litigation partner Gregory Laufer and counsel Steven Herzog; executive compensation partner Andrew Gaines, and counsel Reuven Falik and Meghan Fox; antitrust counsel Marta Kelly and Yuni Sobel; and financing partner Robert Zochowski.

The Kirkland team advising Owl Rock was led by transactional partners Rick Campbell and Thomas Laughlin; investment funds partners Rob Blaustein, Chris Gandia and Aaron Schlaphoff; capital markets partners Pippa Bond and Monica Shilling; and transactional associate Ben Hardison; and supported by transactional partner Jonathan Benloulou, and associates Bridget Ryan Hamway, John Phelan, Jordan Holtzer, Natalie Juliet Vesti, Nicola Budiman, Orlie Golan, Peter Liskanich, Reese Gwin and Robert Pollak; investment funds partners Aaron Ellias, Scott Moehrke, Stephanie Berdik and Townshine Wu, and associates Brian Palumbo and Coty Lee; capital markets partner Abbey Raish; debt finance partner Aditi Iyer; tax partners Donald E. Rocap, Meredith Levy and Mike Carew, and associates Natalie Kannan and Miles Johnson; and executive compensation partner Katherine Coverdale, and associates John Quagliariello and Matthew Wood.

Involved fees earner: Jonathan Benloulou – Kirkland & Ellis; Stephanie Berdik – Kirkland & Ellis; Robert Blaustein – Kirkland & Ellis; Philippa Bond – Kirkland & Ellis; Nicola Budiman – Kirkland & Ellis; Richard Campbell – Kirkland & Ellis; Mike Carew – Kirkland & Ellis; Katherine Coverdale – Kirkland & Ellis; Aaron Ellias – Kirkland & Ellis; Christopher Gandia – Kirkland & Ellis; Orlie Golan – Kirkland & Ellis; Reese Gwin – Kirkland & Ellis; Ben Hardison – Kirkland & Ellis; Jordan Holtzer – Kirkland & Ellis; Aditi Iyer – Kirkland & Ellis; Miles Johnson – Kirkland & Ellis; Natalie Kannan – Kirkland & Ellis; Thomas Laughlin – Kirkland & Ellis; Coty Lee – Kirkland & Ellis; Meredith Levy – Kirkland & Ellis; Peter Liskanich – Kirkland & Ellis; Scott Moehrke – Kirkland & Ellis; John Phelan – Kirkland & Ellis; Robert Pollak – Kirkland & Ellis; John Quagliariello – Kirkland & Ellis; Abbey Raish – Kirkland & Ellis; Donald Rocap – Kirkland & Ellis; Bridget Hamway – Kirkland & Ellis; Aaron Schlaphoff – Kirkland & Ellis; Monica Shilling – Kirkland & Ellis; Matthew Wood – Kirkland & Ellis; Townshine Wu – Kirkland & Ellis; Ellen Ching – Paul Weiss Rifkind Wharton & Garrison; David Curtiss – Paul Weiss Rifkind Wharton & Garrison; Ariel Deckelbaum – Paul Weiss Rifkind Wharton & Garrison; Reuven Falik – Paul Weiss Rifkind Wharton & Garrison; Meghan Fox – Paul Weiss Rifkind Wharton & Garrison; Andrew Gaines – Paul Weiss Rifkind Wharton & Garrison; Scott Grader – Paul Weiss Rifkind Wharton & Garrison; Udi Grofman – Paul Weiss Rifkind Wharton & Garrison; David Harris – Paul Weiss Rifkind Wharton & Garrison; Philip Heimowitz – Paul Weiss Rifkind Wharton & Garrison; Steven Herzog – Paul Weiss Rifkind Wharton & Garrison; Amran Hussein – Paul Weiss Rifkind Wharton & Garrison; Marta Kelly – Paul Weiss Rifkind Wharton & Garrison; Gregory Laufer – Paul Weiss Rifkind Wharton & Garrison; Claudine Meredith-Goujon – Paul Weiss Rifkind Wharton & Garrison; Lindsay Parks – Paul Weiss Rifkind Wharton & Garrison; Raphael Russo – Paul Weiss Rifkind Wharton & Garrison; Yuni Sobel – Paul Weiss Rifkind Wharton & Garrison; Jason Tyler – Paul Weiss Rifkind Wharton & Garrison; Robert Zochowski – Paul Weiss Rifkind Wharton & Garrison; Christopher Barlow – Skadden Arps Slate Meager & Flom; Joseph Coco – Skadden Arps Slate Meager & Flom; Heather Cruz – Skadden Arps Slate Meager & Flom; Andrew Garelick – Skadden Arps Slate Meager & Flom; David Hepp – Skadden Arps Slate Meager & Flom; Michael Hoffman – Skadden Arps Slate Meager & Flom; Laura Kaufmann Belkhayat – Skadden Arps Slate Meager & Flom; Gregg Noel – Skadden Arps Slate Meager & Flom; Richard Oliver – Skadden Arps Slate Meager & Flom; Regina Olshan – Skadden Arps Slate Meager & Flom; David Polster – Skadden Arps Slate Meager & Flom; Paul Schnell – Skadden Arps Slate Meager & Flom; Peter Serating – Skadden Arps Slate Meager & Flom;

Law Firms: Kirkland & Ellis; Paul Weiss Rifkind Wharton & Garrison; Skadden Arps Slate Meager & Flom;

Clients: Altimar Acquisition; Neuberger Berman; Owl Rock Capital Advisors ;

Author: Ambrogio Visconti