Search This Blog

10 Dec 2008

Neuberger Berman to buy Lehman Holdings

Due to their recent share decrease, Lehman Brothers Holdings Inc. has agreed to sell majority interest to asset manager Neuberger Berman. The transaction will create a new, independent investment management company to be called Neuberger Investment Management, managing approximately $160 billion of assets as of 30 November 2008.

Lehman Brothers Private Equity Partners Limited (LBPE) and certain of its affiliates will be a part of this transaction. The sale is subject to final Bankruptcy Court approval, and closing is expected in the first quarter of 2009.

LBPE's Board of Directors believes this transaction will significantly benefit the Company by providing the management team of the Investment Manager a strong platform from which to continue managing LBPE's high quality private equity portfolio and support the long term success of the Company.

LBPE will also host a conference call later this week for investors and analysts to discuss the Investment Manager update and the Company's performance. An updated investor presentation will be published on the Company's Web site prior to the conference call on 12 December 2008.

No comments: