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What will be B. Riley Financial's revenue growth rate for 2024?
3
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B. Riley Financial's annual financial report for 2024
Story
B. Riley Financial Sells Great American Unit to Oaktree for $400 Million, Shares Surge 26%
Oct 14, 2024, 03:35 AM
B. Riley Financial Inc. has agreed to sell its Great American unit to Oaktree Capital for about $400 million. The deal includes $203 million in cash, preferred units worth $183 million, and a minority stake in the new holding company. This move is part of B. Riley's strategy to reduce its debt and strengthen its financial position. The company has been facing significant financial challenges, including drying up revenues, loss of customers and talent, and increased demands for capital from clearing firms. Additionally, B. Riley's lenders are now receiving weekly liquidity updates as part of a revised loan agreement. Shares of B. Riley surged 26% following the announcement. The deal also establishes a partnership with Oaktree and concludes a previously announced review of strategic options.
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