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