Victory Capital to Acquire First Eagle for $7.0B, Creating $571B Asset Manager
VCTR has more than doubled off its 52-week low of $57.03.
Summary
Victory Capital announced a definitive agreement to acquire First Eagle Investments for ~$7.0B in cash and stock, creating a $571B global asset manager. The deal is expected to be 35% accretive to 2027E EPS and close by end of Q1 2027.
Key Events · M&A and Partnerships · VCTR
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Transformational $7.0B Acquisition
Victory Capital will acquire 100% of First Eagle Investments for ~$7.0B: $4.4B cash, $2.0B newly issued equity, and $575M assumed 7.25% senior secured notes due 2032.
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Combined AUM Reaches $571B
First Eagle brings ~$222B in AUM (including a $41B CLO and alternative credit platform) to Victory's $348.8B, creating one of the largest publicly traded traditional asset managers in the U.S.
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35% EPS Accretion Expected
Transaction projected to be ~35% accretive to 2027E adjusted EPS, with ~$280M of net expense synergies and combined annual revenue of ~$3.2B.
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Genstar Ownership and Governance
Genstar will own ~14.6% on a fully diluted as-converted basis, with voting limited to 4.9% via Non-Voting Convertible Preferred; entire position subject to a three-year lock-up. Genstar gets two board seats on an 11-member board.
Analysis · VCTR · Finance
Victory Capital is acquiring First Eagle Investments for approximately $7.0 billion — $4.4 billion in cash, $2.0 billion in newly issued stock, and $575 million of assumed debt. The deal nearly doubles Victory's client assets to $571 billion and is expected to be 35% accretive to 2027 adjusted EPS. Genstar will hold about 14.6% of the combined company on a fully diluted basis, with voting capped at 4.9% and a three-year lock-up. Financing is fully committed via a $3.5 billion term loan B, $950 million of new secured notes, and an upsized revolver. Closing is expected by end of Q1 2027, subject to shareholder approval of the equity issuance and regulatory clearances.
How filings like this one have moved
In the 30 days to Sep 12, 2026, 42.3% of the 496 measured filings Wiseek scored 9 moved their stock by 5% or more by the next session's close. The median move was -0.47%. These are measured outcomes after filings of this importance, not a forecast for this one.
Measured one observation per ticker per day, after exclusions. Current figures: Filing Impact Tracker · open dataset
At the time of this filing, VCTR was trading at $117.00 on NASDAQ in the Finance sector, with a market capitalization of approximately $7.1B. The 52-week trading range was $57.03 to $123.24. This filing was assessed with positive market sentiment and an importance score of 9 out of 10.