First Eagle to buy middle market lender NewStar
First Eagle Investment Management has struck a deal to acquire US middle market lender NewStar. GSO Capital Partners will buy a $2.4bn portfolio of middle market loans as part of the deal, which is expected to generate tax refunds that will form part of the consideration for the acquisition.
First Eagle said on Tuesday that it had entered an agreement to acquire NewStar for $11.44 a share, plus a contingent value right that will relate to tax refunds NewStar expects to receive as a result of losses generated by the portfolio sale to GSO Capital Partners.
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