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ALLIANCE CAPITAL AND EQUITABLE CAPITAL SIGN DEFINITIVE AGREEMENT

 NEW YORK, Feb. 24 /PRNewswire/ -- The Equitable Companies Incorporated (NYSE: EQ), Alliance Capital Management L.P. (NYSE: AC), and Equitable Capital Management Corporation announced the signing of a definitive agreement under which the business of Equitable Capital will be transferred to Alliance Capital.
 This transaction, which was previously announced on January 26, 1993, will create one of the largest asset management organizations in the U.S., with assets under management totaling nearly $100 billion.
 Alliance Capital is 55 percent owned by The Equitable. Equitable Capital is a wholly owned subsidiary of The Equitable.
 Completion of this transaction will increase Equitable's ownership of Alliance Capital to approximately 63 percent. The transaction has a value of up to approximately $250 million.
 The transaction is subject to delivery of fairness opinions, an Alliance Capital Unitholder vote, certain consents and regulatory approvals, and certain other closing conditions. The transfer of Equitable Capital accounts is also subject to receipt of necessary client approvals.
 Alliance Capital is a diversified global investment adviser, and is one of the leading managers in the U.S. of tax-exempt and public retirement funds. It is also a major manager of individual assets through a broad line of mutual funds. Alliance Capital's assets under management are approximately $64 billion.
 Equitable Capital is a full-service investment management and advisory firm, specializing in corporate finance, fixed income and equity management. Equitable Capital has $35 billion in assets under management.
 The Equitable Companies Incorporated is one of the world's premier investment managers through products distributed by its primary businesses, which include The Equitable Life Assurance Society of the U.S., Donaldson, Lufkin & Jenrette and Equitable Real Estate Investment Management Inc., in addition to Alliance Capital and Equitable Capital. Total assets under management at The Equitable exceed $150 billion.
 -0- 2/24/93
 /CONTACT: (Media) Nancy M. Amiel, 212-554-4293, or (Investors) Greg Wilcox, 212-554-2595, both of The Equitable; or (Media & Investors) Linda Finnerty of Alliance Capital, 212-969-1316; or (Media) Benji Baer of Equitable Capital, 212-382-8061/
 (EQ AC)


CO: Equitable Companies Incorporated; Alliance Capital Management L.P. ST: New York IN: FIN SU: TNM

SB -- NY050 -- 9975 02/24/93 14:17 EST
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Publication:PR Newswire
Date:Feb 24, 1993
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