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FAB Partners to Acquire $CIFC for $333M With Qatari Royal Family Backing

FAB Partners to Acquire $CIFC for $333M With Qatari Royal Family Backing

fabulous‘ former senior executives from Deutsche Bank and Goldman Sachs, agreed to acquire New York-based private debt investment manager CIFC LLC (NASDAQ: CIFC) for $333 million in cash, with backing from the Qatari royal family’s Supreme Universal Holdings Ltd. The move comes five weeks after the Qatari royal family’s Paramount Services Holdings and Supreme Universal Holdings, each raised their respective stakes in Deutsche Bank to nearly 5 percent, concurrently followed by the bank’s nomination of Stefan Simon, a partner at the German law firm Flick Gocke Schaumburg, to its supervisory board, heeding the Qatari shareholders’ advice. FAB’s offer price of $11.46 per share represents a premium of more than 60% over CIFC’s closing share price on August 19, 2016, and a premium of nearly 160% over the January 27, 2016 closing share price, the day prior to CIFC’s announcement of its pursuit of strategic alternatives. Founded in 2005 and based in New York, CIFC is a $14 billion private debt manager specializing in U.S. corporate loan strategies. CIFC has over 75 employees, including more than 30 dedicated investment professionals. The firm serves more than 200 institutional investors globally and is one of the largest managers of collateralized loan obligations (CLOs) in North America. FAB is a global alternative investment platform that focuses on originating, structuring and actively managing investments across all asset classes, sectors and geographies. FAB, which stands for Faissola, Ariburnu and Al-Bassam, was founded by the firm’s eponymous team of capital markets and investment management experts Michele Faissola, Dalinc Ariburnu and Nizar Al-Bassam. “We are pleased to have reached this agreement with FAB, which follows a thorough review of strategic and financial alternatives that generated interest from over a dozen suitors,” said CIFC chairman Jeffrey S. Serota. “CIFC is a leading private debt investment platform and one of the largest CLO managers in the industry and we are thrilled that this acquisition marks our first foray into the U.S. credit markets,” said FAB co-founding partner Michele Faissola. “CIFC’s highly experienced investment team, institutional infrastructure and blue-chip client base, make them an ideal partner for us as we look to access the U.S. market for our clients. Our clients are committed to capitalizing on both current and future investment opportunities in the U.S. and we view CIFC as our beachhead into these exciting opportunities.” “The depth and breadth of the team Steve and his partner, Oliver Wriedt, have built was a key consideration in our decision to choose the CIFC platform as our first major investment geared at accessing the U.S. market,” added FAB co-founding partner Nizar Al-Bassam. The deal has been approved by CIFC’s board of directors. Columbus Nova, CIFC’s majority shareholder, has agreed to vote its shares in favor of the transaction. The deal is subject to CIFC’s shareholders’ approval, regulatory approvals and other customary closing conditions, and is expected to close this calendar year. J.P. Morgan Securities LLC is serving as exclusive financial advisor to CIFC and Dechert LLP and Latham & Watkins LLP are serving as legal counsel. Moelis & Company LLC is acting as exclusive financial advisor to FAB, and Weil, Gotshal & Manges LLP and Ernst & Young LLP are serving as legal advisor and accounting & tax advisor, respectively. Before co-founding FAB, and until April 2016, Al-Bassam was Head of Central and Eastern Europe, Middle East, and Africa for Capital Markets & Treasury Solutions, Sales, Investment Banking and Commercial Banking Coverage at Deutsche Bank. He was a member of various governance and management committees at Deutsche Bank, including Global Capital Markets & Treasury Solutions Executive Committee, Global Emerging Markets Management Committee and the European Corporate Finance Management Committee. He also served on the boards of a number of companies, including Abraaj Capital, Deutsche Gulf Finance and Saffar Holdings. Ariburnu previously served as a senior partner and global co-head of fixed income, currency and commodity sales at Goldman Sachs, where he served as member of Goldman Sachs’ European Management Committee, Partnership Committee, and Securities Division Global Executive Committee. Before that, he was Global Head of Emerging Markets Group at Deutsche Bank and a member of the Securities Division Global Executive Committee. Faissola previously served as Head of Deutsche Asset & Wealth Management, one of the four divisions of the bank, managing total client assets of almost $1.3 trillion. He was also a member of the Deutsche Bank Group Executive Committee. In this role he supervised a team of over 6,000 people in 33 countries. He was also chairman of the DWS Asset Management (Frankfurt) and chairman of Deutsche Bank Switzerland. Photo: HH Sheikh Tamim bin Hamad Al Thani, Emir of Qatar. (Courtesy, Georgetown University)]]>

Qatar Fund Acquires $2.45B Singapore Asia Tower From BlackRock $BLK

Qatar Fund Acquires $2.45B Singapore Asia Tower From BlackRock $BLK

Malaysia’s Pavilion Real Estate Investment Trust (Pavilion REIT) (KLSE: PREI) acquired the luxury Intermark Mall in Kuala Lumpur, Malaysia, from BlackRock (NYSE: BLK), for RM160 million ($37.33 million). “We value our strong partnership with Qatar Investment Authority, and are delighted to have the opportunity to work closely with them on this landmark real estate transaction,” said Mark McCombe, BlackRock’s Global Head of Institutional Client Business and Head of BlackRock Alternative Investors. “Singapore remains well-positioned as a gateway city offering premium commercial real estate opportunities to long-term international investors.” “We are proud to have developed Asia Square from the ground up after the land acquisition in Marina Bay, and leased the property to an excellent tenant base,” said John Saunders, Head of APAC for BlackRock Real Estate. This premier office project is testament to BlackRock’s strong capability in real estate development and management to meet the needs of tenants and investors seeking core assets. We are very pleased with the sale, and look forward to working closely with Qatar Investment Authority to maintain the pre-eminent status of Asia Square.” JLL and CBRE are joint sole advisors for this transaction for BlackRock. Qatar Investment Authority was founded by the State of Qatar in 2005 to strengthen the country’s economy by diversifying into new asset classes. Building on the heritage of Qatar investments dating back more than three decades, its growing portfolio of long-term investments help complement the state’s huge wealth in natural resources. Headquartered in Doha, and now with a subsidiary in New York, QIA is structured to operate at the very highest levels of global investing. QIA has a strong track record of investing in different asset classes, including listed securities, property, alternative assets and private equity in all the major capital markets as well as the newer emerging markets. BlackRock is one of the global leaders in investment management, risk management and advisory services for institutional and retail clients. At March 31, 2016, BlackRock’s AUM was US$4.737 trillion. BlackRock helps clients around the world meet their goals and overcome challenges with a range of products that include separate accounts, mutual funds, iShares (exchange-traded funds), and other pooled investment vehicles. BlackRock also offers risk management, advisory and enterprise investment system services to a broad base of institutional investors. As of March 31, 2016, the firm had approximately 13,000 employees in more than 30 countries and a major presence in global markets, including North and South America, Europe, Asia, Australia and the Middle East and Africa. BlackRock Real Estate is the dedicated real estate investment group within BlackRock and invests in strategies across the risk and return spectrum, providing access to all major property types. The business manages over US$21 billion of private and public real estate equity and debt on behalf of investors worldwide in 17 offices across 11 countries in Asia Pacific, Europe and the US. The real estate platform, together with the infrastructure business, combines to form the BlackRock Real Asset group. The integrated create a group of more than 300 professionals located across 22 offices and managing over US$30 billion of client assets as of June 1, 2016.]]>

Qatar's BeIn Media Acquires Miramax From QIA and Colony Capital

Qatar's BeIn Media Acquires Miramax From QIA and Colony Capital

beIN Media Group is a global media company that includes the beIN Sports network, which provides exclusive access to prime sport competitions. It also operates the beIN Movies channels and is involved in pay-tv distribution. Aside from the U.S., the company is present in France, Spain, Canada, Indonesia, the Philippines, Hong Kong, Thailand, Australia and in 24 countries of MENA. BeIN was formed in 2014 as part of a spin-off from Al Jazeera Media Network. Miramax is a global film and television studio best known for its award-winning and original content. The studio’s new projects include both film and television, among them Bad Santa 2, currently in post-production, starring Billy Bob Thornton (TV series “Fargo,” Sling Blade, A Simple Plan, Bandits), who reprises his Golden Globe nominated role as Willie Soke, and Oscar, Golden Globe and Emmy winner Kathy Bates (Misery, Titanic, Dolores Claiborne), with Broad Green Pictures co-producing/co-financing and handling U.S. theatrical; Bridget Jones’s Baby, also currently in post-production, from Working Title for Universal Pictures, Miramax and Studio Canal, with Oscar winners Renée Zellweger (Bridget Jones’s Diary, Chicago, Jerry Maguire) and Colin Firth (The King’s Speech, Mamma Mia!) reprising their roles in the third installment of the Bridget Jones film series; the recently acquired Southside With You, inspired by the first date of Barack and Michelle Obama, starring Parker Sawyers (Snowden, Zero Dark Thirty) and Tika Sumpter (Ride Along 2, TV’s “The Haves and Have Nots”), with Miramax and Roadside Attractions partnering on the U.S. release; and The 9th Life of Louis Drax, currently in post-production, starring Jamie Dornan (Fifty Shades of Grey, TV’s “The Fall”), Aaron Paul (TV’s “Breaking Bad”, Need for Speed, Triple 9) and Sarah Gadon (Dracula Untold, The Amazing Spider-Man 2). In 2015, Miramax released the Kevin Hart hit comedy The Wedding Ringer with Sony-Screen Gems; and together with Roadside Attractions, one of the year’s most successful independent hits, the critically acclaimed Mr. Holmes, directed by Academy Award winner Bill Condon (Gods and Monsters, Kinsey) and starring Academy Award nominees Sir Ian McKellen (The Lord of the Rings film franchise, X-Men film franchise) and Laura Linney (Kinsey, You Can Count on Me, The Savages). Building on its unparalleled library of characters and groundbreaking narratives, Miramax is also developing new television content alongside industry luminaries, with projects that include Robert Rodriguez’s “From Dusk Till Dawn: The Series”, heading into its third season. Collectively, Miramax’s unrivaled library of more than 700 titles has received 278 Academy Award nominations and 68 Oscars, earning most notably four Best Picture awards for The English Patient, Shakespeare in Love, Chicago and No Country for Old Men. More iconic titles from the library include critically acclaimed and commercial hits alike, such as Pulp Fiction, Good Will Hunting, Bridget Jones’s Diary, the Scream film franchise, Kill Bill Vol. 1 & 2, and The Aviator. The studio has distributed this renowned collection through existing and emerging platforms in nearly every country in the world.]]>