Assured Guaranty Ltd. (together with its subsidiaries, Assured Guaranty), a financial guaranty insurance company, said that its subsidiary, Assured Guaranty US Holdings Inc. (AGUS), has entered into an agreement to purchase all of the outstanding equity interests in BlueMountain Capital Management, LLC, and its associated entities for a purchase price of approximately $160m.
The deal is subject to certain adjustments.
BlueMountain is an alternative asset management firm with $19.3 billion in assets under management (AUM). The acquisition is expected to be completed in the fourth quarter of 2019, subject to certain customary closing conditions, including the receipt of consents and regulatory approval.
As part of the agreement, BlueMountain’s co-founder, Chief Executive Officer and Chief Investment Officer, Andrew Feldstein, intends to join Assured Guaranty as Chief Investment Officer and Head of Asset Management, which will include his current roles at BlueMountain.
BlueMountain manages assets across collateralized loan obligations (CLOs); long-duration opportunity funds that build on the firm’s corporate credit, asset-backed finance, infrastructure and healthcare experience; and four relative value hedge funds. BlueMountain is the 16th largest global CLO manager by AUM.
Led by President and CEO Dominic Frederico, Assured Guaranty Ltd. is a publicly traded Bermuda-based holding company whose operating subsidiaries provide credit enhancement products to the U.S. and international public finance, infrastructure and structured finance markets.