DUBAI and NEW YORK, Oct. 29 /CNW/ -- Dubai International Capital LLC
("DIC"), the international investment arm of Dubai Holding, and Och-Ziff
Capital Management Group LLC ("Och-Ziff") today announced that DIC will
acquire a 9.9% outstanding equity stake in Och-Ziff's business upon completion
of Och-Ziff's planned initial public offering. The purchase price per share
paid by DIC will be determined based on the pricing of the public offering,
less the underwriting fees and commissions, but in any event will not exceed
$33.00 per share.
Sameer Al Ansari, Executive Chairman and Chief Executive Officer of DIC,
said: "Since inception, DIC has always been keen to align itself with like-
minded investors. We hold Och-Ziff in very high regard both as a
sophisticated investor and a prominent alternative asset manager. We believe
that Och-Ziff is uniquely positioned to take advantage of the anticipated
strong growth in the alternative asset space based upon its global platform
and experienced management team. This transaction serves as the foundation on
which DIC and Och-Ziff can build synergies going forward. DIC is thrilled to
be part of the Och-Ziff story and we are committed to making progress with the
strategic aspects of our new alliance."
Daniel Och, Chairman, Chief Executive Officer and Executive Managing
Director of Och-Ziff, said: "We are proud that DIC has agreed to join our firm
as an equity investor. We look forward to working together to advance our
global growth strategies, and believe this development strengthens our efforts
to build an enduring world class investment management business."
DIC's investment in Och-Ziff is intended to create a strategic
relationship between the two firms and to provide many mutual benefits related
to deal access, sharing of resources and global office footprint, undertaking
joint initiatives and pursuing co-investment opportunities. The sale is
conditioned on, and will be consummated concurrently with, the closing of Och-
Ziff's planned initial public offering.
The after-tax proceeds from this transaction will be reinvested into
certain funds managed by Och-Ziff.
About Dubai International Capital LLC
Established in 2004, DIC is a Dubai-based international investment
company. It is a wholly owned subsidiary of Dubai Holding. DIC manages an
international portfolio of diverse assets that provide its stakeholders with
value growth, diversification, and strategic investments and relationships.
DIC has a broad investment directive, which consists of direct private equity,
private equity funds and co-investments, listed equities and strategic
About Och-Ziff Capital Management Group LLC
Och-Ziff, founded by Daniel Och in 1994, is a leading institutional
alternative asset management firm and one of the largest alternative asset
managers in the world, with approximately $30.1 billion of assets under
management for over 700 fund investors as of September 30, 2007.
J.P. Morgan Securities Inc. acted as Och-Ziff's lead financial advisor
and Goldman, Sachs & Co. also advised Och-Ziff. Affiliates of Merrill Lynch &
Co. acted as DIC's sole financial advisor.
This press release contains forward-looking statements that involve risks
and uncertainties. These forward-looking statements include the ability of
Och-Ziff to consummate the sale to DIC and its planned initial public offering
and DIC's percentage ownership in Och-Ziff's business. Actual results may
differ, possibly materially, from the views or expectations expressed in these
forward-looking statements as a result of, among other things, the inability
to close the transactions due to market or other conditions. Och-Ziff
disclaims any obligation to update such forward-looking statements after the
date of this release.
For further information:
For further information: Steve Bruce or Chuck Dohrenwend of The
Abernathy MacGregor Group for Och-Ziff Capital Management Group LLC,
+1-212-371-5999; or Alex Blake-Milton of Brunswick for Dubai International
Capital LLC, Mobile, +97150.6947589, Office, +9714.3199228