BREAKING: Asset Managers Dyal Capital and Owl Rock in Talks for SPAC Merger

(Reuters) - Dyal Capital Partners and Owl Rock Capital Corp are in talks to merge with a blank-check company, the asset managers said on Wednesday, sending Owl Rock’s shares nearly 10% higher in extended trading.

The combined company would be valued at about $13 billion, the Wall Street Journal reported earlier on Wednesday. Dyal and Owl Rock did not respond to requests for comment on the deal's value.

The asset managers said their founders and Neuberger Berman Group, Dyal’s parent company, would own “meaningful positions in the combined business.”

The potential deal will be facilitated through Altimar Acquisition Corp, a special-purpose acquisition company (SPAC), Dyal and Owl Rock said, adding that there was still no guarantee that a deal would go through.

Merging with SPACs, or blank-check companies, has surged in popularity this year as a way to raise capital faster and with more certainty.

Reprinted from Reuters. The copyright is reserved by the original author.