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LONDON (AP) - GLG Partners LP, one of Europe's largest hedge funds, said Monday it is selling itself in a $3.4 billion reverse takeover that will give it access to the U.S. stock market.
Under the terms of the deal with Freedom Acquisition Holdings Inc., the combined company will be named GLG Partners Inc. and will trade on the New York Stock Exchange. GLG, which is not currently traded, may also seek a listing in Europe.
"This strategic transaction is an important step in building GLG's global business, affording us the opportunity to increase brand awareness and expand in major targeted markets," said Noam Gottesman, co-chief executive of GLG.
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