(Reuters) – Asset manager Oaktree Capital is in exclusive negotiations to acquire a majority stake in two companies from investment bank B. Riley, Bloomberg News reported on Wednesday.
Oaktree is considering buying a 51% to 55% stake in B. Riley’s appraisal and valuation unit and its retail, wholesale and industrial solutions division, formerly known as Great American Group, the report said, citing sources with knowledge of the matter.
According to the report, the deal, which could be announced as early as next week, is valued at around $380 million.
Oaktree Capital and B. Riley did not immediately respond to Reuters requests for comment.
The bank’s shares recovered losses from earlier in the session and rose 12% in afternoon trading.
Last week, Bryant Riley, co-founder and co-CEO of B. Riley, offered to buy the bank after shares plummeted on expected second-quarter losses.
(Reporting by Manya Saini in Bengaluru; Editing by Shailesh Kuber)
