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Deal Diary: TPG Turns to Weil on Angelo Gordon Deal

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Published: May 16th, 2023
TPG relies on Weil, Davis Polk, Shearman, Cleary, Ardea, JPM and Morgan Stanley on a $2.7 billion deal for Angelo Gordon, which uses Paul Weiss, Goldman and Piper Sandler.

TPG Inc. (TPG) tapped Brian Parness and Harvey M. Eisenberg of Weil, Gotshal & Manges LLP as lead transaction counsel on an agreement to buy Angelo, Gordon & Co. LP for $2.7 billion in cash and stock announced Monday, May 15.

Eisenberg, Parness and Weil’s Michael B. Hickey and Alexander D. Lynch advised TPG on its $1.1 billion IPO last year, which was led by JPMorgan Securities LLC; Goldman, Sachs & Co.; Morgan Stanley; and TPG Capital BD LLC.

Eisenberg and Parness also worked with TPG Global on a 2020 deal in which TPG and Sixth Street Partners became independent businesses, with TPG retaining a passive minority economic stake in Sixth Street, a New York investment firm formed as TPG’s credit investing platform in 2009.

David H. Schnabel of Davis Polk & Wardwell LLP was tax counsel to TPG on the Angelo Gordon deal, while John Cannon and Gillian Emmett Moldowan of Shearman & Sterling LLP are executive compensation counsel and Maurice Gindi and Adrian Leipsic of Cleary Gottlieb Steen & Hamilton LLP are advising on investment fund issues. Donald Truesdale, Mark Jazbik and Chris Cole at Ardea Partners LP along with JPMorgan and Morgan Stanley gave financial advice to TPG, where Bradford Berenson is the general counsel.

Angelo Gordon, a New York-based alternative investment firm focused on credit and real estate, turned to Marco V. Masotti, Steven J. Williams, Samuel J. Welt and Maury Slevin of Paul, Weiss, Rifkind, Wharton & Garrison LLP for counsel on the TPG deal.

Chris Cable and Chris Eby at Goldman along with Piper Sandler Cos. gave financial advice to Angelo Gordon, where general counsel Christopher Moore worked on the deal. Moore spent 12 years at General Electric Co. (GE), rising to general counsel of GE Capital before joining Angelo Gordon in 2020, while TPG’s Berenson was senior counsel for litigation and legal policy at GE before moving to TPG in 2017.

TPG will pay $970 million in cash and up to 62.5 million common units of the TPG operating group and restricted stock units of TPG as well as an earnout of up to $400 million based on Angelo Gordon’s future financial performance. The companies hope to close the deal in the fourth quarter of 2023, pending approvals from regulators and the receipt of client and third-party consents.

Editor’s note: The original version of this article was published May 15, 2023, on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a free trial.

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