Hedge Fund Sells For $3.4 Billion
Tuesday, June 26, 2007 : PermalinkHartford Courant- GLG Partners LP, one of Europe’s largest hedge funds, said Monday it is selling itself in a $3.4 billion reverse takeover that will give it access to the U.S. stock market.
Under the terms of the deal with Freedom Acquisition Holdings Inc., the combined company will be named GLG Partners Inc. and will trade on the New York Stock Exchange. GLG, which is not currently traded, may also seek a listing in Europe.
New York-based Freedom Acquisition is a “blank check” company, an investment vehicle that allows the parent to raise money for acquisitions by listing on the stock exchange. Such companies reveal acquisitions after putting shares on the market.
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