– Expected to Close in the Second Half of 2022,
Subject to SEC Process and Shareholder Approval –
Cartesian Growth Corporation (“Cartesian”) (NASDAQ: GLBL), a
publicly traded special purpose acquisition company, today
announced that it has received the required pre-closing approvals
from the applicable regulatory and governmental authorities in
certain jurisdictions where Tiedemann Group (“Tiedemann”) and
Alvarium Investments Limited (“Alvarium”) operate with respect to
the previously announced business combination among Cartesian,
Tiedemann and Alvarium. Upon closing of the transaction, the
combined company will operate as Alvarium Tiedemann Holdings
(“Alvarium Tiedemann - AlTi”) and will be listed on NASDAQ under
the ticker symbol “GLBL,” consistent with Cartesian’s current
listing. The successful closing of the transaction, expected in the
second half of 2022, is subject to the satisfaction of customary
closing conditions, including the registration statement being
declared effective by the Securities and Exchange Commission
(“SEC”) and shareholder approval.
"These pre-closing approvals are a crucial milestone as we
continue to build a world-class wealth and asset management
platform that serves clients all over the globe," said Michael
Tiedemann, CEO of the Tiedemann Group. "We believe that we have the
right team and strategy to capitalize on long-term trends that
persist beyond recent market turbulence. The fundamentals of the
constituent firms remain strong, and we believe they are positioned
to advance our mission of being the trusted global advisor to
multi-generational stakeholders through offering financial
services, a differentiated suite of integrated capabilities, as
well as impact and innovation opportunities.”
“We are energized by the progress Alvarium Tiedemann - AlTi has
made as we approach the closing of the transaction,” Peter Yu,
Chairman and CEO of Cartesian added. “Alvarium Tiedemann - AlTi has
a unique vision and given the evolving needs of clients in this
dynamic market, we believe the combined company is well-positioned
to capture significant market share among high-net-worth families
and foundations given its exceptional offering and global
presence.”
About Alvarium Investments
Alvarium is an independent investment firm, global multi-family
office and merchant banking boutique providing tailored solutions
for families, foundations and institutions across the Americas,
Europe and Asia-Pacific. Alvarium offers direct and co-investment
opportunities from specialist alternative managers and real asset
operating partners in real estate and the innovation economy.
Alvarium has over 220 employees in 13 locations in 10 countries,
advising on approximately $25 billion of assets across four service
lines — investment advisory, co-investments, merchant banking and
family office services. For more information about Alvarium, please
visit www.alvariuminvestments.com.
About Tiedemann Group
Tiedemann Group is comprised of Tiedemann Advisors LLC
(“Tiedemann Advisors”), a leading independent wealth and investment
advisor for high-net-worth families, trusts, foundations and
endowments particularly in the U.S.; Tiedemann Trust Company
(“Tiedemann Trust”); TIG Advisors LLC (“TIG”), an alternative asset
manager; and Tiedemann Constantia, the international operations of
Tiedemann.
Tiedemann Advisors is an independent investment and wealth
advisor for high-net-worth individuals, family offices, trusts,
foundations and endowments. Founded in 1999, Tiedemann Advisors has
nine offices across the US and provides trust services through
Tiedemann Trust Company, a state-chartered trust company located in
Wilmington, Delaware. Tiedemann's international operations,
Tiedemann Constantia, is headquartered in Zurich Switzerland.
Together, Tiedemann Constantia, Tiedemann Advisors and Tiedemann
Trust Company currently oversee $28 billion in assets under
advisement.
TIG Advisors is a New York-based alternative asset manager with
approximately $8 billion in assets under management (inclusive of
assets under management of its affiliated managers), focused on
making growth equity investments in global alternative specialists.
TIG has a strong track record of identifying uncorrelated
investment opportunities in both public and private markets,
utilizing its long-standing operating platform to assist managers
with growth. The firm’s alpha driven investment strategies align
with the needs of a diverse global investor base.
For more information about Tiedemann Group, please visit
www.tiedemannadvisors.com, www.tiedemannconstantia.com, and
www.tigfunds.com.
About Cartesian Growth Corporation
Cartesian is a blank check company organized for the purpose of
effecting a merger, capital stock exchange, asset acquisition,
stock purchase, or reorganization or engaging in any other similar
business combination with one or more businesses or entities.
Cartesian is an affiliate of Cartesian Capital Group, LLC, a global
private equity firm and registered investment adviser headquartered
in New York City, New York. Cartesian’s strategy is to identify and
combine with an established high-growth company that can benefit
from both a constructive combination and continued value-creation.
Cartesian is an emerging growth company as defined in the Jumpstart
Our Business Startups Act of 2012. For more information about
Cartesian, please visit www.cartesiangrowth.com.
Additional Information about the Business Combination and
Where to Find It
In connection with the proposed business combination, Cartesian
will merge with and into the Tiedemann Group and Alvarium to form
Alvarium Tiedemann, which will be the surviving entity and the
going-forward public company, and has filed a registration
statement on Form S-4 (the “Registration Statement”) with the SEC
that includes a preliminary proxy statement/prospectus and certain
other related documents, to be used at the meeting of Cartesian
shareholders to approve the proposed business combination.
INVESTORS AND SECURITY HOLDERS OF CARTESIAN ARE URGED TO READ THE
PROXY STATEMENT/PROSPECTUS, ANY AMENDMENTS THERETO AND OTHER
RELEVANT DOCUMENTS THAT HAVE BEEN OR WILL BE FILED WITH THE SEC
CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL
CONTAIN IMPORTANT INFORMATION ABOUT TIEDEMANN, ALVARIUM, CARTESIAN
AND THE BUSINESS COMBINATION. Promptly after the Registration
Statement is declared effective by the SEC, the proxy
statement/prospectus will be mailed to shareholders of Cartesian as
of a record date to be established for voting on the proposed
business combination. Investors and security holders will also be
able to obtain copies of other documents containing important
information about each of the companies once such documents are
filed with the SEC, without charge, at the SEC’s website at
www.sec.gov. The information contained on, or that may be accessed
through, the websites referenced in this communication is not
incorporated by reference into, and is not a part of, this
communication.
Participants in the Solicitation
Cartesian and its directors and executive officers may be deemed
participants in the solicitation of proxies from Cartesian's
shareholders with respect to the proposed business combination. A
list of the names of those directors and executive officers and a
description of their interests in Cartesian is contained in
Cartesian’s filings with the SEC, including Cartesian’s final
prospectus relating to its initial public offering, which was filed
with the SEC on February 23, 2021, and is available free of charge
at the SEC's website at www.sec.gov. Additional information
regarding the interests of such participants is set forth in the
Registration Statement for the proposed business combination, as
may be amended. Tiedemann, Alvarium, and their respective directors
and executive officers may also be deemed to be participants in the
solicitation of proxies from the shareholders of Cartesian in
connection with the proposed business combination. A list of the
names of such directors and executive officers and information
regarding their interests in the business combination is contained
in the Registration Statement, as may be amended.
Forward-Looking Statements
Certain statements made in this press release are "forward
looking statements" within the meaning of the "safe harbor"
provisions of the United States Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"estimates," "projected," "expects," "anticipates," "forecasts,"
"plans," "intends," "believes," "seeks," "may," "will," "should,"
"future," "propose" and variations of these words or similar
expressions (or the negative versions of such words or expressions)
are intended to identify forward-looking statements. These
forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside Tiedemann, Alvarium, or
Cartesian’s control, that could cause actual results or outcomes to
differ materially from those discussed in the forward-looking
statements. Important factors, among others, that may affect actual
results or outcomes include (i) the inability to complete the
business combination in a timely manner or at all (including due to
the failure to receive required shareholder approvals, failure to
receive approvals or the failure of other closing conditions); (ii)
the inability to recognize the anticipated benefits of the proposed
business combination; (iii) the inability to obtain or maintain the
listing of Cartesian’s shares on Nasdaq following the business
combination; (iv) costs related to the business combination; (v)
the risk that the business combination disrupts current plans and
operations as a result of the announcement and consummation of the
business combination; (vi) Cartesian, Tiedemann, and Alvarium’s
ability to manage growth and execute business plans and meet
projections; (vii) potential litigation involving Cartesian,
Tiedemann, or Alvarium; (viii) changes in applicable laws or
regulations, particularly with respect to wealth management and
asset management; (ix) general economic and market conditions
impacting demand for Cartesian, Tiedemann, and Alvarium’s services,
and in particular economic and market conditions in the financial
services industry in the markets in which Cartesian, Tiedemann, and
Alvarium operate; and (x) other risks and uncertainties indicated
from time to time in the Registration Statement, including those
under “Risk Factors” therein, and in Cartesian’s other filings with
the SEC. Forward-looking statements speak only as of the date they
are made. None of Cartesian, Tiedemann, and Alvarium undertakes any
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law. None of Cartesian, Tiedemann, or
Alvarium gives any assurance that any of Cartesian, Tiedemann, or
Alvarium, or the combined company, will achieve expectations.
No Offer or Solicitation
This communication does not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination. This communication
also does not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor will there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities will be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended, or an exemption therefrom.
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version on businesswire.com: https://www.businesswire.com/news/home/20220531005915/en/
Media: Prosek Partners Ben Shapiro bshapiro@prosek.com
Investors: Prosek Partners Alex Jorgensen AlTi@prosek.com
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