DigitalBridge Group, Inc. (NYSE:DBRG) acquired the remaining 31.5% stake in DigitalBridge Investment Management, LLC.
DigitalBridge Group, Inc. (NYSE:DBRG) entered into an agreement to acquire the remaining 31.5% stake in DigitalBridge Investment Management, LLC from Wafra Inc. for approximately $930 million on April 14, 2022. In addition to the transaction consideration of $800 million, Wafra will have rights to an earnout of up to $125 million, subject to certain future performance thresholds, which may be paid up to 50% in stock at the Company’s election. The $390 million of cash consideration, subject to certain net cash and closing adjustments, will be funded by cash-on-hand from the Company’s balance sheet. Purchaser may, at its option, elect to pay up to 50% of the First Earnout Payment and/or the Second Earnout Payment in Common Stock. Upon completion of the transaction, Mr. Alderbas will serve as a Senior Advisor to DigitalBridge. The closing is subject to customary conditions, including expiration of the waiting period applicable to the transaction under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, regulatory clearance and other customary closing conditions. The transaction is expected to close during the second quarter of 2022. Wafra was advised by Ardea Partners LP as financial advisor. Andrew Colosimo of Fried, Frank, Harris, Shriver & Jacobson LLP acted as legal advisor to Wafra. DigitalBridge was advised by Barclays as financial advisor. Alison S. Ressler of Sullivan & Cromwell acted as legal advisor to DigitalBridge.
DigitalBridge Group, Inc. (NYSE:DBRG) completed the acquisition of the remaining 31.5% stake in DigitalBridge Investment Management, LLC on May 23, 2022.