Oaktree Capital is in exclusive talks to acquire a majority stake in two businesses owned by B. Riley Financial Inc., according to people with knowledge of the matter.
B. Riley shares rose as much as 65% Wednesday.
Oaktree is discussing buying a stake of 51% to 55% in B. Riley's appraisal and valuation services arm and its retail, wholesale and industrial solutions unit, entities formerly known as Great American Group, said one of the people, who requested anonymity to discuss confidential information.
A deal values the units at around $380 million, the person said.
A deal could be announced as soon as next week, the person said, though a transaction hasn't been finalized and it's possible that terms change or talks collapse at the last minute.
Representatives for B. Riley and Oaktree to declined to comment.
Los Angeles-based B. Riley said in February it hired Moelis & Co. to assist on the review of strategic alternatives for the two businesses.
