BlackRock Capital Investment Advisors, LLC completed the acquisition of Tennenbaum Capital Partners, LLC from CNO Financial Group, Inc..
August 01, 2018
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BlackRock Capital Investment Advisors, LLC entered into a definitive agreement to acquire Tennenbaum Capital Partners, LLC from CNO Financial Group, Inc. (NYSE:CNO) for approximately $390 million on April 17, 2018. Upon completion of the transaction, Tennenbaum Capital Partners is expected to become a wholly-owned subsidiary of BlackRock and, remain the investment adviser of TCP Capital Corp. Current members of the Tennenbaum Capital Partners team will continue to be responsible for the investments of TCP Capital Corp. Tennenbaum Capital Partners's successful senior management team, including all five partners, Lee Landrum, Michael Leitner, Howard Levkowitz, Philip Tseng, and Rajneesh Vig will continue post transaction. Tennenbaum Capital Partners's more than 80 person team will join BlackRock. The transaction is subject to customary regulatory, closing conditions and approval of TCP Capital Corp.'s shareholders. As of May 29, 2018, Federal Trade Commission granted early termination notice. The transaction is expected to close in the third quarter of 2018. The financial impact of the transaction is not material to BlackRock earnings. David Hepp, Justin Askew, Matthew Collin, Heather Cruz, Pamela Lawrence, Endreny,Michael Hoffman and Erica Schohn of Skadden, Arps, Slate, Meagher & Flom, L.L.P. acted as legal advisors to Tennenbaum Capital Partners, LLC. Sandler O'Neill + Partners, L.P. acted as financial advisor for CNO Financial Group, Inc. Patrick Naughton, Gary Mandel and Joseph Tootle of Simpson Thacher & Bartlett LLP acted as legal advisor to CNO Financial Group, Inc.
BlackRock Capital Investment Advisors, LLC completed the acquisition of Tennenbaum Capital Partners, LLC from CNO Financial Group, Inc. (NYSE:CNO) on August 1, 2018. In connection with the transaction, TCP Capital Corp. name was changed to BlackRock TCP Capital Corp. BlackRock TCP Capital Corp. also announced today that Karyn L. Williams has been appointed to its board of directors as an independent director. Ms. Williams will serve on the Audit Committee, the Governance and Compensation Committee, and the Joint Transactions Committee.
CNO Financial Group, Inc. is a holding company for a group of insurance companies. The Company develops, markets and administers health insurance, annuity, individual life insurance and other insurance and financial services products. It is focused on serving middle-income pre-retiree and retired Americans. The Company primarily market its insurance products under its three primary brands: Bankers Life, Washington National and Colonial Penn. It markets its products through the Consumer and Worksite Divisions that reflect the customers served by the Company. The Consumer Division serves individual consumers, engaging with them on the phone, virtually, online, face-to-face with agents, or through a combination of sales channels. The Worksite Division focuses on the sale of voluntary benefit life and health insurance products in the workplace for businesses, associations, and other membership groups, interacting with customers at their place of employment and virtually.
CNO FINANCIAL GROUP, INC. 
