(Bloomberg) -- Altimar Acquisition Corp., a special purpose acquisition company backed by HPS Investment Partners, signed a letter of intent for a deal that could take public Owl Rock Capital Group LLC and Neuberger Berman’s Dyal Capital Partners.

“The parties are in exclusive negotiations,” Altimar said Wednesday in a regulatory filing. The blank-check firm, led by Chief Executive Officer Tom Wasserman, said due diligence was ongoing and that a deal may not be completed.

Altimar raised $275 million in an October initial public offering. At the time, the company said it would focus on finding targets in four industries in which HPS has expertise: health care, financial services, consumer and technology, and media and telecommunications. Dyal has owned a minority stake in HPS since 2018.

The proposed transaction, which would value the asset managers at about $13 billion, was reported earlier by the Wall Street Journal.

Owl Rock, founded in 2016, manages more than $20 billion of assets. Co-founders Doug Ostrover, Marc Lipschultz and Craig Packer held senior positions at Blackstone Group Inc., KKR & Co. and Goldman Sachs Group Inc., respectively. Last year, Dyal made an investment in Owl Rock that valued the firm at about $2.5 billion.

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