GoldenTree To Buy Stake In Cerberus-Owned Bank

Nov 19 2012 | 11:51am ET

GoldenTree Asset Management will buy a big chunk of a major Austrian bank for Cerberus Capital Management.

The New York-based hedge fund will add a "significant stake," about 40%, of Bawag PSK Bank, which was bought six years ago by the private equity firm. GoldenTree will give Bawag a €200 million capital injection as part of the deal, the Austria Press Agency reports.

Cerberus will retain a majority stake in the bank, but GoldenTree may get joint control over Bawag.

GoldenTree told the Austrian antitrust authority, Bundeswettbewerbsbehörde, of its plans last week. As part of the deal, the hedge fund may swap its Bawag debt for stock in the bank.


In Depth

Malik: The Science of Deal Sourcing 201

Aug 27 2015 | 5:35pm ET

Deal sourcing is understandably a hot topic among private equity firms because it...

Lifestyle

Rolling Art Advisors Marketing Collectible Car Fund As Uncorrelated Alternative

Aug 27 2015 | 6:47pm ET

A new fund is trying to provide investors with greater access to an emerging asset...

Guest Contributor

FATCA for Hedge Funds: Eight Common Pitfalls

Sep 1 2015 | 10:56am ET

FATCA is now a way of life for those in the financial industry and most professionals...

 

Editor's Note