Victory Capital agrees to buy First Eagle Investments
Victory Capital agreed to buy First Eagle Investment Management LLC in a deal valued at about $7 billion.
Combined client assets are expected to total about $571 billion, with First Eagle bringing about $222 billion of assets under management.
Consideration includes about $4.4 billion in cash, $2 billion in newly issued Victory Capital equity, and assumed $575 million 7.25% senior secured notes due 2032.
First Eagle is set to keep its brand and investment autonomy on Victory Capital’s platform; its $41 billion CLO and alternative credit business becomes the alternatives platform.
Closing is expected by the end of Q1 2027; the deal is forecast to be about 35% accretive to 2027E adjusted EPS.
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