Dyal, Owl Rock to Merge Into Behemoth Asset Manager via SPAC (1)

Neuberger Berman’s Dyal Capital Partners and direct lender Owl Rock Capital Partners have agreed to merge via a blank check company, forming a new alternative asset manager overseeing $45 billion.

The firms -- which will create a newly formed entity named Blue Owl Capital Inc. -- will go public through a combination with Altimar Acquisition Corp., a special purpose acquisition company backed by HPS Investment Partners, according to a Wednesday statement. The merged company is expected to have a market capitalization of about $12.5 billion.

Douglas Ostrover, co-founder of Owl Rock, will serve as chief executive ...