(Reuters) – Asset manager Oaktree Capital is in exclusive talks to acquire a majority stake in two businesses owned by investment bank B. Riley, Times of Update News reported on Wednesday.
Oaktree is considering buying a 51 to 55 percent stake in B. Riley’s appraisal and valuation services business and its retail, wholesale and industrial solutions unit, formerly known as Great American Group, the report added, citing people familiar with the matter.
A deal, which could be announced as early as next week, values the units at about $380 million, the report said.
Oaktree Capital and B. Riley did not immediately respond to Reuters requests for comment.
Shares of the bank erased early losses and were up 12% in afternoon trading.
Last week, B. Riley co-founder and co-CEO Bryant Riley offered to buy the bank, following a stock market rout triggered by expectations of a second-quarter loss.
(Reporting by Manya Saini in Bengaluru; Editing by Shailesh Kuber)
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