Victory Capital to Buy First Eagle in $7 Billion Deal

M&A · Partnership
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Summary · why it matters

Victory Capital Holdings Inc. has agreed to acquire First Eagle Investments in a deal that would bring the combined firm's assets under management to about $571 billion. The San Antonio-based company will pay about $7 billion, including $4 billion in cash and $2 billion in newly issued shares, and will assume $575 million of First Eagle's senior secured notes due in 2032. First Eagle, which manages about $229 billion, will add its $41 billion CLO and alternative credit platform to Victory's multi-asset products, with the combined company expected to generate annual revenue of roughly $3.2 billion and about $280 million in net expense synergies. The deal comes five months after Victory withdrew a nearly $9 billion proposal to acquire Janus Henderson Group Plc. First Eagle will operate on Victory's platform and retain its brand.

Impact on stocks 2

Financials± Mixed · 2 stocks
Janus Henderson Group PLC
JHG
▼ NegativeCompetitionrelevance

Victory's acquisition of First Eagle follows its withdrawn bid for Janus Henderson, potentially leaving Janus Henderson without a suitor.

Off-coverage companies 1

First Eagle Investment ManagementPrivate▲ Positive
Capitalrelevance

First Eagle is acquired by Victory Capital, providing liquidity and integration into a larger platform.

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