Simpson Thacher is representing Blackstone (NYSE: BX) and Corsair Capital in connection with their majority investment in First Eagle Investment Management. The transaction is being made through First Eagle’s holding company, Arnhold and S. Bleichroeder Holdings, Inc., and reflects a total enterprise value of First Eagle of approximately $4 billion. The transaction includes the sale by TA Associates of its entire minority investment in First Eagle.
First Eagle is an independent, privately held asset management firm with approximately $100 billion in assets under management and a heritage dating back to 1864. First Eagle is currently owned by the members of the Arnhold family, TA Associates and employees. The transaction is expected to close in the fourth quarter of 2015 subject to receipt of consent by both First Eagle’s mutual fund board and fund shareholders, as well as customary regulatory approvals.
The Simpson Thacher team includes Lee Meyerson, Anthony Vernace, Leah Shen and Andrew Edelen (M&A); Gregory Grogan, Aimee Adler and Patricia Adams (Employee Benefits); Jon Hart, Jason Vollbracht and David Holmberg (Tax); Barrie Covit, Jonathan Karen, Parker Kelsey, Nabil Abou-Charaf, Jeffrey Lieberman, Yue Zhang, Scott Mathias and Naomi Hung (Funds); Rajib Chanda (Investment Management); Alden Millard, Jennifer Levitt, Brian Gluck, Shana Ramirez, Eric Schulman and Denis Griffin (Financing); and Steven DeLott and Jennie Getsin (FINRA). Summer Associate Richard Ragusa provided valuable assistance.