PARIS (Reuters) - Private-equity group Carlyle said it had completed a deal to buy French bank Societe Generale’s (SOGN.PA) Los Angeles-based asset-management arm, TCW, alongside the unit’s management.
No financial terms were disclosed in Carlyle and TCW’s joint statement released on Wednesday. People familiar with the matter told Reuters late last year that the deal could value TCW at about $700 million.
SocGen - which in addition to TCW has struck deals to sell its Greek and Egyptian subsidiaries to bolster its balance sheet - said the TCW sale would lift its closely watched capital ratio under Basel III rules by 0.14 percentage points.
Reporting by Lionel Laurent; Editing by Christian Plumb