Victory Capital Agrees to Acquire First Eagle Investments in $7 Billion Deal
Victory Capital has agreed to acquire First Eagle Investments for approximately $7 billion, combining the two firms into a larger asset management entity overseeing around $571 billion in client assets. The deal involves Genstar Capital and First Eagle employees as sellers. While integrating onto Victory's platform, First Eagle will retain its name, investment processes, and independence. As of July 31, 2026, First Eagle managed about $222 billion in AUM with consistent positive net flows over the past three years. The acquisition is expected to enhance distribution reach across multiple channels for both companies. Victory Capital anticipates annual revenue from the combined entity at around $3.2 billion. Genstar will hold a 14.6% stake and have voting rights limited to 4.9%, with two board seats on an expanded 11-member board. Financing is fully committed by BofA Securities and RBC Capital Markets, while the deal remains subject to standard closing requirements and is expected to close by early Q1 of 2027.
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