TPG sold stake in Sixth Street back to former credit arm, Semafor reports

TPG sold its stake in its former credit arm, Sixth Street, back to that firm last month for more than $1B in a deal that valued Sixth Street at about $10B, people familiar with the matter told Semafor’s Liz Hoffman. A valuation for the deal, which brings “one of Wall Street’s longest and most profitable partnerships” to a formal end, was agreed upon last fall after TPG‘s takeover of Angelo Gordon brought it into direct competition with Sixth Street’s lending business and triggered negotiations, the report said.