According to the latest announced transaction terms, Victory Capital Holdings Inc. has reached an agreement with Janus Henderson Group, under which the latter's shareholders will receive $40 in cash per share and additionally exchange for 0.250 shares of Victory Capital stock in the merger.

This equity swap plan combines the dual advantages of cash and stocks, providing Janus Henderson investors with immediate liquidity while allowing them to retain the opportunity to participate in Victory Capital's future growth. The transaction structure demonstrates both parties' strong confidence in the synergistic effects following the merger. Market analysts point out that this combination of consideration reflects Victory Capital's recognition of Janus Henderson's asset value, while maintaining long-term alignment of interests between both parties through equity linkage. The transaction is still subject to regulatory approval and shareholder voting.