Victory Capital Holdings to Buy First Eagle Investments for $7 Billion

06:56 AM EDT, 08/26/2026 (MT Newswires) -- Victory Capital Holdings (VCTR) signed a definitive deal to acquire privately held global asset manager First Eagle Investments from Genstar Capital and First Eagle employees for about $7 billion, according to a Wednesday statement. The consideration comprises about $4.4 billion in cash, $2 billion in newly issued Victory Capital shares and the assumption of $575 million of First Eagle's existing 7.25% senior secured notes due 2032, Victory Capital said. The company added that it has secured fully committed financing from BofA Securities and RBC Capital Markets for the purchase. Victory Capital estimates the acquisition to be about 35% accretive to its 2027 adjusted earnings per share, including approximately $280 million in expected net expense synergies. First Eagle will keep its brand, investment autonomy and existing investment processes following the transaction, and its $41 billion CLO and alternative credit platform will become the combined company's alternatives platform, the company said. The transaction is expected to close in Q1 2027, with Genstar to own a 14.6% stake in Victory Capital, according to the statement.