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Sunday, November 8, 
8:39 am

KKR in lead for Lehman Brothers' asset management unit

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The sale of Lehman Brothers Inc.'s asset management unit is heating up, with private equity firm Kohlberg Kravis Roberts reportedly in the pole position.

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According to CNBC, the buyout shop has "expressed a high level of interest" in buying the unit's crown jewel, money management firm Neuberger & Berman. KKR peers JC Flowers & Co. LLC, Apollo Management and the Carlyle Group also may be interested in Neuberger because it is one of the premier money management firms in the business.
 
Although eager to raise cash, Lehman may be trying to drive a hard bargain for its asset management business. CNBC reports that potential buyers have been balking at the investment banks terms -- sale of a 70% stake for about $7 billion with an option to buy back the rest at a later date. - George White
 
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See Dealscape post on Lehman Brothers






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