Tetragon Financial Group Limited (“TFG”) has acquired Polygon’s asset management businesses and infrastructure platform, along with Polygon’s interests in LCM Asset Management LLC (“LCM”) and GreenOak Real Estate (“GreenOak”) for an aggregate of 11,685,940 TFG non-voting shares, the substantial majority of which will vest over three to five years.

Reade Griffith, a Principal of TFG’s investment manager, a Director of TFG and Tetragon Financial Group Master Fund Limited (the “Master Fund”), and a Founder of Polygon, said: “This is a continuation of TFG’s strategy to expand its asset management platform and diversify and strengthen its income streams. TFG shareholders will benefit from TFG investing in Polygon’s existing and new products on preferred terms, from a new stream of high-margin asset management fee income and from owning increased stakes in successful investments like LCM and GreenOak.”

TFG expects to repurchase up to $150 million worth of TFG non-voting shares through a modified Dutch auction tender offer.

The acquisition was approved and authorised by the board of TFG following consideration by a committee of independent directors which received independent financial advice from Perella Weinberg Partners UK LLP, independent legal advice from Simpson Thacher & Bartlett LLP and Carey Olsen, and independent due diligence, tax and accounting advice from PricewaterhouseCoopers LLP.