Man Group has acquired, at current net asset value, all exposure to the Lehman estates from funds managed by subsidiary GLG Partners. To do so, Man has entered into a series of transactions worth a total consideration of $355 million, payable in cash.
Man acquired GLG last year, paying $1.7 billion to take full control of the group. The Lehman exposures primarily relate to GLG’s European Long/Short and North American Opportunity strategies.
The purchase means that Man will be entitled to benefit from, or bear the risk of, any change to the net asset value of the claims,