We are advising TPG on tax and financing matters

Davis Polk is advising TPG as to tax and financing matters in connection with its approximately $2.7 billion acquisition of Angelo Gordon in a stock-and-cash transaction. The transaction also includes an earn-out based on Angelo Gordon’s future financial performance, valued at up to $400 million. The transaction, which is expected to close in the fourth quarter of 2023, is subject to customary closing conditions, including Hart-Scott-Rodino Act, international regulatory approvals and other client and third-party consents.

TPG is a leading global alternative asset management firm, founded in San Francisco in 1992, with $137 billion of assets under management and investment and operational teams around the world. TPG invests across five multi-strategy platforms: capital, growth, impact, real estate and market solutions.

Angelo Gordon is a privately held alternative investment firm founded in November 1988. The firm currently manages approximately $73 billion, with a primary focus on credit and real estate strategies.

The Davis Polk tax team includes partner David H. Schnabel, counsel Aliza Slansky and associates Constance Zhang and Tyler Scheiner. Partner J.W. Perry, counsel Jack Orford and associates Yuko Sin and James Moore are providing finance advice. All members of the Davis Polk team are based in the New York office.

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