GLG Partners LP, one of Europe's largest hedge funds, says it is
selling itself in a $3.4 billion (U.S.) reverse takeover that will give
it access to the U.S. stock market.
Under the deal's terms with
Freedom Acquisition Holdings Inc., the combined company will be named
GLG Partners Inc. and will trade on the New York Stock Exchange. GLG,
which is not traded, may also seek a listing in Europe.
"This
strategic transaction is an important step in building GLG's global
business, affording us the opportunity to increase brand awareness and
expand in major targeted markets," said Noam Gottesman, co-chief
executive of GLG.
New York-based Freedom Acquisition is a "blank
cheque" company, an investment vehicle that allows the parent company
to raise money for acquisitions by listing on the stock exchange. Such
companies reveal acquisitions after putting shares on the market.
