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UK hedge fund firm Polygon sold for $99 mln

(Reuters) – Tetragon Financial Group has bought Polygon Management, once one of the world’s biggest hedge funds and a high-profile casualty of the financial crisis, for $98.5 million, to expand its asset management business.

Tetragon said in a statement on Monday it will use 11.7 million of its non-voting shares to buy Polygon, founded in 2002 by Paddy Dear and Reade Griffith, as well as its stakes in LCM Asset Management and GreenOak Real Estate. Dear and Griffith are also directors of Tetragon.

Based on Friday’s closing share price, the transaction is valued at $98.5 million.

“This is a continuation of TFG’s strategy to expand its asset management platform and diversify and strengthen its income streams,” Griffith said in the statement.

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