Mergers & Acquisitions / Joint Ventures

Polygon bought by its listed affiliate Tetragon for $99m

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Guernsey-based publicly quoted investment group Tetragon Financial Group has acquired Polygon Management, the London-based hedge fund firm whose founders are also Tetragon directors.

Structured loans investor Tetragon used 11.69 million of its non-voting shares to acquire Polygon – making the deal worth around $99 million, based on a closing price of $8.43 for Tetragon shares as at the end of last week. Tetragon also plans to repurchase up to $150 million of non-voting shares through a modified Dutch auction tender offer.

Polygon, which was was founded in 2002 by Reade Griffith and Paddy Dear, has had a torrid