How Pimco Outmaneuvered Apollo and KKR to Win $29 Billion Meta Deal
The article discusses how Pimco, one of the world's largest asset managers, outmaneuvered Apollo and KKR to win a $29 billion private credit deal with Meta (formerly Facebook). According to the report, Morgan Stanley approached four major asset managers, including Pimco, Apollo, and KKR, to participate in the final round of the deal. However, the bank stipulated that the firms would need to form partnerships to secure the deal. Pimco, known for its aggressive negotiation tactics, managed to outmaneuver its competitors by forming a consortium with smaller firms, allowing it to present a more attractive offer to Meta. The deal is considered one of the most sought-after private credit deals in recent times, highlighting Pimco's ability to navigate the competitive landscape and secure a significant transaction.
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