Equitable Holdings Subsidiary AllianceBernstein to Acquire Global Private Alternatives Manager CarVal Investors
Summary
The acquisition of CarVal further enhances Equitable Holding’s differentiated business model, which pairs retirement, asset management and affiliated advice. “ The transaction strengthens our business model by further enhancing the profile of our leading asset manager and increases long-term growth, all while maintaining $1.5 billion of cashflows.” The details of the transaction are as follows: • AB has announced a definitive agreement to purchase 100% of CarVal for an upfront purchase price of $750 million and a multi-year earnout if certain targets are reached. Lastly, CarVal’s differentiated capabilities in distressed credit will provide more opportunities to generate excess returns. Founded in 1859, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable Holdings has approximately 12,200 employees and financial professionals, $908 billion in assets under management (as of 12/31/2021) and more than 5 million client relationships globally.