GLG Partners to Access Public Markets Through Reverse Acquisition

    Transaction is a Key Strategic Step in Building GLG's Global Business

    LONDON, June 25 /CNW/ - GLG Partners ("GLG"), a leading alternative asset
manager with gross assets under management of over $20 billion, today
announces that it plans to access the public markets through a reverse
acquisition transaction with Freedom Acquisition Holdings, Inc. ("Freedom")
(Amex:   FRH). This transaction values GLG at approximately $3.4 billion based
on Freedom's closing price on June 22, 2007, and has been unanimously approved
by the board of Freedom.
    Under the terms of the agreement, the owners of GLG will receive from
Freedom $1 billion in cash and 230 million shares of Freedom common stock on a
fully diluted basis. The transaction is subject to Freedom shareholder
approval, regulatory approval and other customary closing conditions. Assuming
these conditions are met, GLG anticipates completing the transaction early in
the fourth quarter of this year.
    The combined company will be named GLG Partners, Inc. Shares of the
combined company are expected to trade on the New York Stock Exchange under
the ticker symbol "GLG" upon consummation of the transaction. GLG will also
explore the merits of a dual listing in Europe. Based on the closing price of
Freedom's shares on Friday, June 22, 2007, Freedom's shareholders will own
approximately 28 percent and current GLG equity holders will own approximately
72 percent of the combined company's shares on a fully diluted basis. Upon
completion of the transaction, GLG's equity holders have committed to reinvest
approximately 50% of their after tax cash proceeds into GLG's funds at full
    GLG is the largest independent alternative investment manager in Europe
and the eleventh largest alternative asset manager in the world. GLG has built
a highly scalable investment platform, infrastructure and support system,
which represents a combination of world-class investment talent, cutting-edge
technology and rigorous controls and risk management. GLG manages over 40
funds, as well as managed accounts for high net worth individuals and
institutions, using both alternative and long only strategies and products.
These strategies and products have generated substantial absolute returns
since inception, during periods of both supportive and difficult market
    "This strategic transaction is an important step in building GLG's global
business, affording us the opportunity to increase brand awareness and expand
in major targeted markets, including the US, Middle East and Asia," said Noam
Gottesman, Founder, Managing Director and Co-CEO of GLG. "Accessing the public
markets through Freedom allows GLG to take full advantage of our highly
scalable infrastructure as well as our recent growth and track record of
success to expand our client relationships and distribution capabilities. In
addition it will provide us with a publicly traded equity currency with which
to compete for, retain and incentivize the most talented and sought after
professionals in our industry and pursue our growth strategies."
    "GLG is one of the world's most successful multi-strategy asset managers
with an experienced team of highly-regarded investment professionals and a
long history of strong and sustained investment performance," said Martin E.
Franklin, Chairman of Freedom.
    "GLG's highly scalable asset management platform represents an excellent
investment opportunity for our shareholders. We look forward to working with
the management team of GLG as they continue to grow the company's business and
expand into the US and other dynamic global markets," added Nicolas Berggruen,
President and CEO of Freedom.
    Upon consummation of the acquisition, Noam Gottesman will become Chairman
of the Board and Co-CEO of the combined company. Emmanuel Roman, currently
Managing Director and Co-CEO of GLG, will become Co-CEO of the combined
company. The board of directors of the combined company will be Noam Gottesman
and Emmanuel Roman of GLG; Nicolas Berggruen, President and CEO of Freedom and
founder of Berggruen Holdings; Martin E. Franklin, Chairman of Freedom and
Chairman and CEO of Jarden Corporation; James N. Hauslein, a director of
Freedom and former Chairman of Sunglass Hut International, Inc.; William P.
Lauder, a director of Freedom and President and CEO of The Estee Lauder
Companies, Inc.; Paul Myners, Chairman of Land Securities Group plc; Ian
Ashken, Chief Financial Officer of Jarden Corporation; and Peter Weinberg,
Partner of Perella Weinberg Partners. Further board appointments will be made
in due course. Noam Gottesman, Pierre Lagrange and Emmanuel Roman will
continue as Managing Directors of GLG.
    "GLG has built an experienced and highly-regarded team of investment
professionals representing decades of experience in the alternative asset
management industry," said Pierre Lagrange, Founder and Managing Director of
    "The combined company will build on Freedom's existing shareholder base
and leverage the deep experience of its founders. With their support, and
expanded access to the capital markets, we look forward to building our global
brand, extending our strong investment track record, expanding our investment
products and strategies, and leveraging on our success in Europe and the UK to
penetrate other major markets" said Emmanuel Roman, Co-CEO and Managing
Director of GLG.
    In order to finance the acquisition of GLG, Freedom will use the proceeds
from its initial public offering and borrow the balance (up to $570 million)
from a committed third party lender to obtain the $1 billion of cash necessary
to pay the cash portion of the purchase price. In addition, Freedom and its
subsidiaries will issue 230 million shares of common stock on a fully diluted
basis valued at $2.4 billion (based on the closing price of Freedom's shares
on Friday, June 22, 2007) to the GLG equity holders.
    Certain additional information, including historical financial
information and data on GLG such as assets under management (AUM) and AUM
growth rates, will be contained in a management presentation which will be
made public and filed by Freedom with the Securities and Exchange Commission
    Perella Weinberg Partners is serving as financial advisor to GLG and Citi
is serving as financial advisor to Freedom. Chadbourne & Parke LLP is serving
as legal counsel to GLG and Greenberg Traurig PA is serving as legal counsel
to Freedom.

    Istithmar and Sal. Oppenheim Acquire Strategic Interests in GLG
    GLG confirms today that Istithmar and Sal. Oppenheim have each entered
into agreements to acquire 3% ownership positions in GLG and to invest into
various GLG managed funds. These transactions are expected to close in July
    Istithmar, an investment vehicle of the Government of Dubai in the United
Arab Emirates, was established in 2003. Istithmar is headquartered in Dubai,
with offices in Shanghai and New York.
    Founded in 1789 and based in Cologne, Sal. Oppenheim is one of Europe's
leading private banks with approximately euro 138 billion in assets under
    Both Istithmar and Sal. Oppenheim have purchased their ownership
interests from a former principal of GLG.
    Commenting on these strategic investments Noam Gottesman said "We welcome
these two experienced and highly respected world-class investors. In addition
to their ownership interests, Istithmar and Sal. Oppenheim will help to
support the further development and expansion of our business in the Middle
East and Europe."

    Investor/Analyst Conference Call and Webcast
    GLG will be hosting a conference call for investors and analysts at
13.30 GMT/08.30 EST. The dial in details are: +44 (0) 20 7162 0125 or
+1 334 323 6203. To access a webcast of the conference call, please register
via GLG's website

    About GLG
    GLG, the largest independent alternative asset manager in Europe and the
eleventh largest globally, offers its base of long-standing prestigious
clients a diverse range of investment products and account management
services. GLG's focus is on preserving client's capital and achieving
consistent, superior absolute returns with low volatility and low correlations
to both the equity and fixed income markets. Since its inception in 1995, GLG
has built on the roots of its founders in the private wealth management
industry to develop into one of the world's largest and most recognized
alternative investment managers, while maintaining its tradition of client-
focused product development and customer service. As of the opening of trading
on June 1, 2007, GLG managed gross AUM of over $20 billion.

    About Freedom
    Freedom is a blank check company incorporated in Delaware in 2006 to
effect a merger, stock exchange, asset acquisition, reorganization or similar
business combination with an operating business or businesses, which it
believes has significant growth potential. Freedom consummated its initial
public offering on December 28, 2006.

    Additional Information
    Freedom intends to file with the U.S. Securities and Exchange Commission
(SEC) a preliminary proxy statement in connection with the proposed
acquisition and to mail a definitive proxy statement and other relevant
documents to Freedom stockholders. Stockholders of Freedom and other
interested persons are advised to read, when available, Freedom's preliminary
proxy statement, and amendments thereto, and definitive proxy statement in
connection with Freedom's solicitation of proxies for the special meeting to
be held to approve the acquisition because these proxy statements will contain
important information about GLG, Freedom and the proposed acquisition. The
definitive proxy statement will be mailed to stockholders as of a record date
to be established for voting on the acquisition. Stockholders will also be
able to obtain a copy of the preliminary and definitive proxy statements,
without charge, once available, at the SEC's Internet site at or by directing a request to: Freedom Acquisition Holdings,
Inc., 1114 Avenue of the Americas, 41st floor, New York, New York 10036,
telephone (212) 380-2230.
    Freedom and its directors and Chief Executive Officer may be deemed
participants in the solicitation of proxies from Freedom's stockholders. A
list of the names of those directors and the Chief Executive Officer and
descriptions of their interests in Freedom is contained in Freedom's
prospectus dated December 21, 2006, which is filed with the SEC, and will also
be contained in Freedom's proxy statement when it becomes available. Freedom's
stockholders may obtain additional information about the interests of its
directors and Chief Executive Officer in the acquisition by reading Freedom's
proxy statement when it becomes available.
    Nothing in this press release should be construed as, or is intended to
be, a solicitation for or an offer to provide investment advisory services.

    Forward-looking Statements
    This press release contains statements relating to future results of GLG
and Freedom (including certain projections and business trends) that are
"forward-looking statements" as defined in the Private Securities Litigation
Reform Act of 1995. Actual results may differ materially from those projected
as a result of certain risks and uncertainties. For GLG, these risks and
uncertainties include, but are not limited to: market conditions for GLG
managed investment funds, performance of GLG managed investment funds and the
related impact on revenue and fund inflows/outflows, operational risk, and
risks related to the use of leverage, the use of derivatives, interest rates
and currency fluctuations. For Freedom, factors include, but are not limited
to: the successful combination of Freedom with GLG's business, Freedom's
inability to obtain additional financing to complete the transaction, and the
limited liquidity and trading of its securities. Additional information on
these and other factors that may cause actual results and Freedom's
performance to differ materially is included in the Freedom's periodic reports
filed with the SEC, including but not limited to Freedom's Form 10-K for the
year ended December 31, 2006 and subsequent Form 10-Q. Copies may be obtained
by contacting Freedom or the SEC. Freedom and GLG caution readers not to place
undue reliance upon any forward-looking statements, which speak only as of the
date made. Freedom and GLG do not undertake or accept any obligation or
undertaking to release publicly any updates or revisions to any forward-
looking statement to reflect any change in their expectations or any change in
events, conditions or circumstance on which any such statement is based. These
forward-looking statements are made only as of the date hereof, and Freedom
and GLG undertake no obligation to update or revise the forward- looking
statements, whether as a result of new information, future events or
otherwise, except as required by law.



    GLG:                  Simon White
                          Chief Financial Officer
                          +44 (0)20 7016 7000

                          Michael Hodes
                          Acting Director of Investor Relations
                          + 44 (0)20 7016 7000 / + 1 212 224 7200

    Freedom (in US):      Martin E. Franklin
                          + 1 914 967 9400

    Freedom (in Europe):  Nicolas Berggruen
                          President and CEO
                          + 44(0) 20 7861 0985


    Finsbury:             Rupert Younger/Amanda Lee
                          +44 (0)20 7251 3801

                          Andy Merrill
                          + 1 212 303 7600

For further information:

For further information: Investors or analysts, Simon White, Chief
Financial Officer, +44 (0)20 7016 7000,, Michael
Hodes, Acting Director of Investor Relations, +44 (0)20 7016 7000,
+1-212-224-7200,, both of GLG; Freedom (in US),
Martin E. Franklin, Chairman, +1-914-967-9400, Freedom (in Europe), Nicolas
Berggruen, President and CEO, +44(0) 20 7861 0985; Media, Rupert Younger or
Amanda Lee, +44 (0)20 7251 3801,,, Andy Merrill, +1-212-303-7600,, all of Finsbury; Web Site:

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