Navigator acquires investments from Dyal Capital Partners
Navigator Global Investments has announced the acquisition of six minority ownership interests in alternative asset managers from investment funds managed by Dyal Capital Partners, a division of Neuberger Berman.
The transaction would be expected to create an ongoing partnership with Dyal Capital Partners and would have the potential top broaden Navigator’s access to a variety of future accretive, organic and inorganic growth opportunities, the firm said in the announcement made to the Australian Securities Exchange (ASX).
Additionally, it would broaden Navigator’s shareholder base and would present an opportunity to improve long-term liquidity in Navigator Shares.
The firm also said that following 2025, it would acquire the remainder of the cash distributions for a single redemption payment linked to the portfolio’s financial performance over that time, based on a fixed formula and would intend to fund this payment through retained earnings.
Under the terms of the shareholders’ agreement entered into by Navigator and the Dyal funds, Dyal would hold a majority of their share consideration and note consideration for at least five years post-closing.
“This transaction results in larger Navigator group with a more diversified earnings profile. Continued growth through strategic acquisition remains a key focus and we have preserved a strong balance sheet to pursue additional opportunities,” Navigator’s chair Michael Shepherd said.
Dyal Capital Partners provides capital to alternative investment management companies globally with over 50 partnerships, inclusive of six in the acquired portfolio, and over $23 billion of committed capital.
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