DLA Piper is legal counsel to Annaly.ĭechert LLP is legal counsel to the independent members of the Chimera Board.Īdditional information is also available in Annaly’s second quarter 2015 earnings release that is issued today. FIDAC will continue to provide Chimera with infrastructure and personnel assistance while Chimera transitions fully to its independent systems.Ĭredit Suisse is serving as exclusive financial advisor to Annaly. All of Chimera’s executive officers will remain in place. “I would like to thank the Annaly team for their partnership, and we look forward to the next phase of Chimera’s growth.”Īs a result of the internalization, FIDAC personnel who focus their efforts on Chimera will become employees of Chimera. This move maintains continuity of our management team, while providing strategic, operational and financial benefits that are in our shareholders’ best interests,” stated Chimera Chairman Paul Donlin. “It is the right time in Chimera’s evolution to internalize management and move forward independently. “This transaction furthers Annaly’s diversification strategy, allowing for more opportunistic capital allocation and resource alignment around our investment initiatives.” “We are proud to have contributed to Chimera’s growth since its inception in 2007,” said Kevin Keyes, President and incoming Chief Executive Officer of Annaly. Given the resulting benefits to both companies, no contractual penalties will be associated with the management agreement termination. The internalization also will result in operational and economic efficiencies for Annaly and Chimera, while ensuring continuity of Chimera’s experienced management team. Chimera investment full#View the full release here: Īnnaly and the independent members of the Chimera Board agreed to the internalization in order to facilitate the pursuit of independent strategies at both companies. This Smart News Release features multimedia. The internalization is effective August 5, 2015. In connection with the transaction, Chimera will purchase Annaly’s 4.4% stake in Chimera for a purchase price of $126.4 million ( $14.05 per share). (NYSE: NLY) (“Annaly”) and Chimera Investment Corporation (NYSE: CIM) (“Chimera”) today announced that Chimera has entered into an agreement with Fixed Income Discount Advisory Company (“FIDAC”), a wholly-owned subsidiary of Annaly, to internalize the management of Chimera. NEW YORK-(BUSINESS WIRE)- Annaly Capital Management, Inc. Internalization ensures continuity of Chimera’s experienced management team Separation to drive operational and economic efficiencies for both companies Transaction to enable both companies to pursue independent strategies
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