DigitalBridge To Buy Wafra's Stake In DigitalBridge IM For $800 Mln

(RTTNews) - DigitalBridge Group, Inc. (DBRG), a digital infrastructure investment company, said on Monday that it has inked a deal with the affiliates of Wafra Inc to buy Wafra's 31.5 percent stake in DigitalBridge IM for a consideration of $800 million.

The consideration consists of $410 million of newly issued Class A common stock in DigitalBridge and a cash consideration of $390 million, to be funded by cash-on-hand.

In addition to the sum of $800 million, the acquirer said Wafra will receive the rights to an earnout of up to $125 million, which may be paid up to 50 percent in stock.

The transaction, expected to be completed in the second quarter, is immediately accretive to DigitalBridge's earnings upon the completion.

Marc Ganzi, CEO of DigitalBridge, said: "This accretive transaction will drive an immediate and substantial increase in earnings to DigitalBridge shareholders, raising their exposure to our high-growth, high-return investment management platform just as we are poised to continue scaling our full-stack strategy."