Man Group Buys Rival GLG Partners for $1.6B

Hedge fund manager Man Group has agreed to purchase U.S. rival GLG Partners in a $1.6 billion deal that the buyer said Monday will help it diversify into new management strategies. Under the terms of the deal, which Man said values GLG at $1.6 billion, investors in the U.S. firm will receive $4.50 in cash per share, a 55% premium to GLG’s closing price of $2.91 on May 14. According to Reuters, the cash-and-shares deal creates the world’s second-biggest hedge fund firm behind JP Morgan (JPM).