Global law firm White & Case LLP, together with Simpson Thacher & Bartlett, represented Blackstone's GSO Capital Partners in its acquisition of Harbourmaster Capital, a leading European debt fund manager with approximately $11 billion in assets under management.
The transaction, which is expected to close in early 2012 pending regulatory approval, will allow GSO to become one of the largest leveraged loan investors in Europe.
Harbourmaster will combine its assets with GSO's existing European leveraged loan business to develop new European-focused funds for their global investor base. The combined platform will have approximately $15.5 billion in assets under management and places GSO as a dominant player in the European credit market.
The White & Case deal team was led by Richard Reilly and Mark Glengarry, both of the Firm's London office.
The GSO transaction is White & Case's third significant representation in the last six months in the ongoing rapid consolidation of global credit fund managers. Reilly led the Firm's representation of Ares Management in its acquisition of Octagon Credit Investors' European platform in April and Indicus Advisors in its sale to Ares Management which is scheduled to close this month.
"I believe that in the near future there will be a small number of very large managers with credibility in the debt management space and we are proud to be associated with the best of them in both Europe and the United States," said Reilly.
White & Case is recognized as a leading firm in both the United States and Europe in leveraged finance, restructuring, CLOs and other credit funds and has advised on many of the largest and most important transactions and restructurings this year.
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