Crossing the Pond

Last March, Nicolas Berggruen, founder and president of New York–based family office Berggruen Holdings, approached Noam Gottesman, a founder and co-chairman of London hedge fund firm GLG Partners, with a bold proposal: He suggested that GLG go public on the New York Stock Exchange — through a reverse acquisition. Berggruen recommended that GLG be bought out by Freedom Acquisition Holdings — a special-purpose acquisition company (SPAC) he co-founded with Martin Franklin, chairman and CEO of Rye, New York–based consumer products company Jarden Corp.