Carlyle Group (CG) to Acquire TCW from SocGen; Marc Stern Named Chairman

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According to reports Thursday, The Carlyle Group (NYSE: CG) has agreed to acquire asset management firm TCW Group from Société Générale (OTCBB: SCGLY). The WSJ reported the deal in headlines earlier and no official announcement has been made by either firm.

Blomberg notes that terms weren't disclosed and the deal should close within the first-quarter of 2013.

Following the transaction, TCW employees and management will have a 40 percent ownership stake in the firm. Marc Stern will become Chairman while David Lippman was named TCW Group president and CEO.

Carlyle shares are up 2.8 percent on the session, from 1.6 percent higher when headlines broke at 11:00am EDT.

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