CarVal to become AllianceBernstein subsidiary

Minneapolis-based CarVal Investors is slated to be acquired by AllianceBernstein in a deal that is expected to close sometime in the second quarter of this year.

The $739 billion AllianceBernstein (AB) will purchase 100% of the CarVal business for an upfront purchase price of $750 million and a multi-year earnout if certain targets are reached and will be funded through the issuance of AB units. The deal offsets a change in Equitable Holdings ownership of AB, which will move from 65% to approximately 62% with the potential to reach 60% if the full earnout is . . .

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