Update: SCARAMUCCI TO RETURN TO SKYBRIDGE AS CO-MANAGING PARTNER: Bloomberg
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Back on January 2017, we said that there was a reason why Anthony Scaramucci was smiling:
It was simple: the Davos regular, who just days earlier had been named assistant to president Trump, and shortly after would infamously be White House communications director for all of 10 days before he was fired, sold a majority stake in his SkyBridge Capital fund of funds to China’s HNA Capital, as part of eliminating his legacy conflicts of interest.
While terms of the deal were not disclosed, the deal, which includes the SkyBridge Alternatives Conference, or SALT, was said to be valued at about $200 million according to Bloomberg. SkyBridge’s senior management and investment teams will remain intact while Scaramucci will step down.
And since Scaramucci owned about 45% of SkyBridge, he was about to pocket $100 million.
So yes, it was a solid payday for the Mooch.
Unfortunately it was not meant to last, because as Dow Jones reported moments ago, it appears that the deal has fallen apart:
- HNA IS SAID SET TO DROP DEAL TO BUY SKYBRIDGE CAPITAL: DJ
While many had expected the acquisition to fall apart following China’s crackdown on outbound M&A as well as the US crackdown on all deal by Chinese acquirors, it was unclear if Scaramucci would get a fast-track approval due to his (one-time) proximity to Donald Trump.
The answer, we now learn, was no.
What happens next? Well, there will be no $100 million payday for Scaramucci. Instead as Dow Jones adds, SkyBridge Capital may try to strike a (far less lucrative) partnership agreement instead, although it was uncertain, while neither the size nor the scope of the partnership were clear.
Scarmucci, who recently launched his own news website, the ScaramucciPost, has not commented yet on the report of the failed deal.
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