TPG sold its stake in its former credit arm, Sixth Street, back to that firm last month for more than $1B in a deal that valued Sixth Street at about $10B, people familiar with the matter told Semafor’s Liz Hoffman. A valuation for the deal, which brings “one of Wall Street’s longest and most profitable partnerships” to a formal end, was agreed upon last fall after TPG‘s takeover of Angelo Gordon brought it into direct competition with Sixth Street’s lending business and triggered negotiations, the report said.
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