Sale of Lehman Brothers' investment management business clears HSR wait

By Lisa Kerner

Charlotte, N.C., Oct. 30 -The Federal Trade Commission granted early termination of the Hart-Scott-Rodino waiting period related to Lehman Brothers Holdings Inc.'s asset purchase agreement with IMD Parent LLC.

The Oct. 3 agreement covers the $2.15 billion sale of Lehman Brothers' investment management business, it was previously reported.

Lehman and IMD amended the agreement on Oct. 27, adding a termination right for the buyer if the auction for the investment management business is not held by Dec. 8.

The auction is scheduled for Dec. 3.

In addition, the amendment also reduced the potential break-up fee to $52.5 million from $70 million.

New York-based Lehman Brothers Holdings is the fourth-largest investment bank in the United States. The company filed for bankruptcy on Sept. 15 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 08-13555.

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