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Tiedemann Group1 ("Tiedemann"), Alvarium Investments Limited2 ("Alvarium") and Cartesian Growth Corporation3 ("Cartesian") (NASDAQ:GLBL), today jointly announced entry into a definitive business combination agreement (the "Business Combination Agreement").
This proposed transaction will form Alvarium Tiedemann Holdings, which is expected to be a leading independent, global investment firm providing institutions, entrepreneurs, families and emerging next-generation leaders with fiduciary capabilities as well as investment strategies and services. The constituent firms' expansive international network across four continents, diverse expertise and access to private and institutional capital is expected to provide a compelling portfolio of services. This comprehensive offering will be underscored by a commitment to impact or values-aligned investing and offer trusted advisory services to family-owned businesses as well as real asset direct and co-investment opportunities. Alvarium Tiedemann's common stock is expected to be publicly traded on Nasdaq under the ticker symbol "GLBL" following the closing of the transaction, which is anticipated in the first quarter of 2022. Alvarium Tiedemann will be headquartered in New York.
"We are thrilled to partner with Alvarium to establish a truly unique, global investment firm in Alvarium Tiedemann," said Michael Tiedemann, CEO of the Tiedemann Group. "Alvarium brings a culture of entrepreneurism and a breadth of global capabilities and expertise that will complement our existing client experience. I believe the combination of talent and geographic reach with Cartesian's access to capital will provide the permanence needed to continue to grow and evolve a dynamic investment platform. We have a unified vision that is committed to diversity and inclusion, serving our clients and continuing on our path to becoming a differentiated leader in investment strategies and services."
Alexander de Meyer, CEO of Alvarium said, "Upon our introduction to Tiedemann, we were immediately struck by how complementary the firms were, from investment philosophy to client service and firm culture. This alignment made Tiedemann an optimal partner as we look to expand our global footprint particularly in the United States. I am confident this combination will accelerate the growth of our combined firms, improving our ability to help our clients access innovative investment solutions and ensuring long-term opportunities for our employees."
Peter Yu, Chairman and CEO of Cartesian said, "We are pleased to introduce Alvarium Tiedemann to the public markets. I see this combination as creating a powerful, unified ecosystem of capabilities that will serve a multigenerational client base while maintaining independence. This is a perfect fit strategically as well as culturally, with a robust infrastructure positioned for accelerated growth and innovation."
Michael Tiedemann will serve as Alvarium Tiedemann's Chief Executive Officer. Alexander de Meyer will chair the firm's executive committee which includes industry-leading professionals who have a breadth and depth of global expertise and experience.
Alvarium Tiedemann Highlights:
Impact Investment and ESG Focus:
Alvarium Tiedemann will continue its constituent firms' established goal to substantially grow impact or values-aligned investing globally. Additionally, it is seeking to create a global firm that is an unquestioned leader in gender balance and diversity within the financial services sector. The combined company's operational team is expected to approach gender balance upon inception. Management is committed to further diversifying its senior leadership over the next five years.
Transaction Overview
The transaction is expected to create a combined company with a pro forma equity value of $ 1.4 billion and will be funded through a combination of Cartesian's cash in trust and approximately $165 million fully committed purchase of shares of common stock of Cartesian pursuant to a private investment in public equity ("PIPE"). The PIPE capital commitments have been obtained from institutional investors and strategic partners of both Alvarium and the Tiedemann Group. Cartesian has $345 million of cash in its trust account.
Over 96% of equity held by active operating partners is expected to be rolled into the combined company, with all proceeds from this transaction being used for capital structure optimization. All references to available cash from the trust account and retained transaction proceeds are subject to any redemptions by the public shareholders of Cartesian and payment of transaction expenses.
The respective boards of the Tiedemann Group, Alvarium and Cartesian have unanimously approved the proposed business combination. Completion of the proposed business combination is expected in Q1 2022.
The transaction will be effected pursuant to the terms and conditions of the Business Combination Agreement, which contains customary closing conditions, including, without limitation, the registration statement being declared effective by the Securities and Exchange Commission ("SEC"), receipt of regulatory approvals in certain jurisdictions where the Tiedemann Group and Alvarium operate, and approval by the shareholders or members, as applicable, of the Tiedemann Group, Alvarium and Cartesian.
Additional information about the proposed transaction, including a copy of the transaction agreement and investor presentation, will be provided in a Current Report on Form 8-K to be filed by Cartesian with the SEC and will be available at www.sec.gov.
Posted In: GLBL
