Goodwin Procter advised Alvarium Investments on the deal. Seward & Kissel represented Tiedemann Advisors and TIG Advisors.
Alvarium Investments announced its entry into a definitive business combination agreement with Tiedemann Group and Cartesian Growth Corporation (NASDAQ: GLBL). The proposed transaction will form Alvarium Tiedemann, which is expected to be a leading independent, global investment firm providing institutions, entrepreneurs, families and emerging next-generation leaders with fiduciary capabilities as well as investment strategies and services. Alvarium Tiedemann’s common stock is expected to be publicly traded on Nasdaq under the ticker symbol “GLBL” following the closing of the transaction, which is anticipated in the first quarter of 2022.
The transaction is expected to create a combined company with a pro forma equity value of $1.4 billion and will be funded through a combination of Cartesian’s cash in trust and approximately $165 million fully committed purchase of shares of common stock of Cartesian pursuant to a private investment in public equity (“PIPE”). The PIPE capital commitments have been obtained from institutional investors and strategic partners of both Alvarium and the Tiedemann Group. Cartesian has $345 million of cash in its trust account. The respective boards of the Tiedemann Group, Alvarium and Cartesian have unanimously approved the proposed business combination. Completion of the proposed business combination is expected in Q1 2022.
Alvarium is an independent investment firm, global multi-family office and merchant banking boutique providing tailored solutions for families, foundations and institutions across the Americas, Europe and Asia-Pacific. Alvarium offers direct and co-investment opportunities from specialist alternative managers and real asset operating partners in real estate and the innovation economy. Alvarium has over 220 employees and 28 Partners in 14 locations in 10 countries, advising on circa $22 billion of assets across four service lines — investment advisory, co-investments, merchant banking and family office services.
The Goodwin team was led by James Grimwood (Picture), Samantha Kirby, Jocelyn Arel, Chris Buck, Kit Bottomley, Cynthia Li and Taarika Sridhar and included Dulcie Daly, Amy Francis, Romina Weiss, Andrew Wilson, Nick Losurdo, Brynn Peltz, Justin Kanter and James Devendorf.
The Seward & Kissel team included Craig A. Sklar, Gerhard Anderson, James E. Abbott, Meir R. Grossman, Nick Katsanos, Danielle Lemberg.
Involved fees earner: Jocelyn Arel – Goodwin Procter; Kit Bottomley – Goodwin Procter; Chris Buck – Goodwin Procter; Dulcie Daly – Goodwin Procter; Amy Francis – Goodwin Procter; James Grimwood – Goodwin Procter; Samantha Kirby – Goodwin Procter; Xiaoyue Li – Goodwin Procter; Nicholas Losurdo – Goodwin Procter; Taarika Sridhar – Goodwin Procter; Romina Weiss – Goodwin Procter; Andrew Wilson – Goodwin Procter; James Abbott – Seward & Kissel; Gerhard Anderson – Seward & Kissel; Meir Grossman – Seward & Kissel; Danielle Lemberg – Seward & Kissel; Nick Katsanos – Seward & Kissel; Craig Sklar – Seward & Kissel;