Carlyle Group bidding for Lehman money management!
NEW YORK (Reuters) - Private equity
firm Carlyle Group is expected to bid for Lehman Brothers Holdings investment
management division, a source familiar with the matter said on Thursday.
Two other private equity firms, Silver Lake, and Blackstone, have shown interest in the division but have not submitted formal bids, the source told Reuters.
Lehman has won court approval to sell the division, which includes the prized Neuberger Berman asset management business.
A $2.15 billion bid from private equity groups Bain Capital LLC and Hellman & Friedman LLC won the right to be the lead bid, or "stalking horse," at a bankruptcy auction of the division in December.
Bain and Hellman & Friedman will receive a $52.5 million break-up fee if they do not win the auction.
Representatives from TPG, Blackstone, Carlyle and Silver Lake were not immediately available to comment.
Lehman, which filed the largest U.S. bankruptcy case ever on September 15, is in the process of unwinding its business.
Ed. Note: This is the same Carlyle Group that is owned by the Bush family.
