Paul, Weiss is advising alternative investment firm Angelo Gordon in its sale to TPG in a deal valued at approximately $2.7 billion. The agreement includes an estimated $970 million in cash and up to 62.5 million common units of the TPG Operating Group and restricted stock units of TPG, both subject to certain adjustments. The transaction also includes an earnout based on Angelo Gordon’s future financial performance, valued at up to $400 million. The transaction is expected to close in the fourth quarter of 2023, subject to customary closing conditions.

Angelo Gordon is an alternative investment firm focused on credit and real estate investing with $73 billion in assets under management. TPG and Angelo Gordon had a combined AUM of $208 billion as of December 31, 2022.

The Paul, Weiss team is led by corporate partners Marco Masotti, Steven Williams, Samuel Welt, Maury Slevin, executive compensation partner Lawrence Witdorchic and tax partner David Mayo, and includes, among others, corporate partners Aaron Schlaphoff, Raphael Russo and Thomas de la Bastide and counsel Jyoti Sharma, Stephen Koo, Bruce Gruder, Jennifer Songer, Hilary Christian and Jason Tyler; executive compensation partner Jarrett Hoffman and counsel Bruce Goldberger, Sasha Belinkie and Jake Glazeski; litigation partners Andre Bouchard, Andrew Ehrlich and Gregory Laufer and counsel Steven Herzog and Peter Jaffe; intellectual property partner Claudine Meredith-Goujon; real estate partner Harris Freidus; tax counsel Sarah Katz; antitrust counsel Yuni Sobel; and environmental counsel William O’Brien.