Victory Capital to acquire First Eagle in $7bn deal

Victory Capital is to acquire First Eagle Investments for approximately $7 billion, creating a global asset manager with around $571 billion in total client assets.

The deal will see Victory pay approximately $4.4 billion in cash and $2 billion in newly issued shares, while assuming $575 million of First Eagle debt. The transaction is expected to close by the end of the first quarter of 2027, subject to regulatory approvals and other conditions.

First Eagle manages approximately $222 billion and brings Victory a range of complementary capabilities across global value, equities, fixed income and multi-asset strategies.

Of particular significance is First Eagle’s $41 billion CLO and alternative credit platform, which will become the alternative investments platform for the combined group.

The acquisition therefore gives Victory a significantly broader presence across both traditional and alternative asset classes, as asset managers increasingly seek scale and diversified sources of fee income.

Victory said the transaction would strengthen its distribution capabilities in the US and internationally, including through its strategic relationship with Amundi. First Eagle will retain its brand, investment autonomy and existing investment processes following completion.

The deal is expected to generate approximately $280 million in net expense synergies and be around 35% accretive to Victory’s adjusted earnings per share in 2027. The combined business is expected to generate approximately $3.2 billion in annual revenue.

The acquisition follows Victory’s unsuccessful attempt to acquire Janus Henderson earlier this year and comes amid a broader wave of consolidation in global asset management. Industry deal volume has reached record levels in 2026 as firms pursue greater scale, broader investment capabilities and distribution reach.