AllianceBernstein to acquire CarVal Investors for upfront $750 million
AllianceBernstein L.P. and AllianceBernstein Holding L.P.
AB,
said Thursday they are acquiring CarVal Investors L.P., a private alternatives investment manager with about $14.3 billion in assets under management, mostly in the areas of distressed credit, renewable energy infrastructure, specialty finance and transportation investments.
AllianceBernstein will pay $750 million upfront and make earnout out payments over the coming years if certain targets are met. The deal is expected to close in the second quarter. “The addition of CarVal, with 190 employees, including 68 investment professionals, in five offices across four countries, enhances AB’s Private Alternatives platform by adding complementary investment capabilities in opportunistic and private credit and expanding across multiple geographic regions, including North America, Europe, Latin America, and Asia,” the company said in a statement. CarVal’s management team will continue to run the company and remain independent from their Minneapolis, Minn. headquarters. AllianceBernstein shares were not active premarket, but have gained 10% in the last 12 months, as the S&P 500
SPX,
has gained 10%.
