CIFC LLC (CIFC) to be Acquired by F.A.B. Partners for $333 Million
On Friday August 19, 2016, CIFC Asset Management (NASDAQ: CIFC), a large U.S. private debt investment manager, and F.A.B. Partners, an alternative investment platform, announced that F.A.B. will acquire CIFC for approximately $333 million in cash. The transaction, which is subject to approval by the shareholders of CIFC and regulators, is expected to be completed by year’s end. The merger comes just months before the new risk retention rules for collateralized loan obligations (“CLOs”) under Dodd-Frank take effect on December 24, 2016. The new rules require CLO managers to purchase and retain five percent of the fair value of any…