Victory Capital to acquire First Eagle in $7 billion deal
Victory Capital agreed to buy First Eagle Investments from Genstar Capital and First Eagle employees for about $7 billion.
First Eagle had about $222 billion of assets under management as of July 31, 2026; the combined firm is expected to have about $571 billion.
Consideration includes about $4.4 billion cash, $2 billion in newly issued Victory Capital equity, and assumption of $575 million 7.25% senior secured notes due 2032.
Genstar is expected to own about 14.6% of Victory Capital on a fully diluted basis, with voting interest capped at 4.9%.
Closing is expected by the end of the first quarter of 2027, subject to regulatory approvals, client consents, and Victory Capital shareholder approval.
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