Deals
Warburg and Barry Sternlicht Partnering on Jumbo, 3-Way SPAC Deal
- Their blank-check firms discussing $20 billion merger deal
- The target is Warburg-owned security firm Allied Universal
This article is for subscribers only.
Buyout firm Warburg Pincus and property billionaire Barry Sternlicht are partnering up in a rare, three-way, blank-check deal worth about $20 billion to take a security services firm public. In another unusual twist, Warburg Pincus already owns the target.
Three special purpose acquisition companies -- two backed by Warburg Pincus, and one backed by Sternlicht -- are in talks to merge with Allied Universal, according to people familiar with the matter. Allied Universal is owned by Warburg Pincus, and the transaction would be the first SPAC deal involving more than one of the investment vehicles.