Asset manager Victory Capital strikes $7 billion deal for First Eagle Investments
VCTR•Expected timing and advisers
The deal is expected to close by the end of the first quarter of 2027 and anticipated to boost 2027 adjusted earnings per share by approximately 35%.
PJT Partners and RBC Capital Markets advised Victory Capital on the deal and UBS Investment Bank and BofA Securities advised First Eagle.
BofA Securities and RBC Capital Markets are the deal's financiers.
Deal terms and scale of the combined business
Victory will pay $4.4 billion in cash and $2 billion in shares. It will also assume $575 million of First Eagle's debt.
New York-based First Eagle, which was founded in Europe in 1864, managed roughly $222 billion in assets as of July 31.
Victory, which traces its history back to 1894, has bulked up through more than half a dozen acquisitions since it was carved out of KeyCorp in 2013.
The firm has set a goal of managing $1 trillion in assets, a target it expects to reach mainly through acquisitions. It managed $348.8 billion in assets as of July 31.
A combination of Victory and First Eagle will create a scaled traditional asset manager with roughly $571 billion in assets under management.
