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 will acquire First Eagle Investments for ~$7.0B in cash and stock, nearly doubling client assets to $571B and adding a scaled CLO/alternative credit platform. The deal is expected to be ~35% accretive to 2027 adjusted EPS.
Key Events · M&A and Partnerships · VCTR
-
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 assumption of $575M in 7.25% senior secured notes due 2032.
-
Combined AUM Reaches $571B
First Eagle brings ~$222B in AUM (as of July 31, 2026), including a $41B CLO and alternative credit platform, lifting Victory's total client assets to ~$571B.
-
Strong Accretion and Synergies
Transaction expected to be ~35% accretive to 2027E adjusted EPS, with ~$280M in net expense synergies and combined annual revenue of ~$3.2B.
-
Genstar Ownership Structure
Genstar will own ~14.6% of Victory on a fully diluted, as-converted basis, with voting interest capped at 4.9% via Non-Voting Convertible Preferred stock, a 3-year lock-up, and two board seats.
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 the assumption of $575 million in First Eagle debt. The deal nearly doubles Victory's client assets to $571 billion and is expected to be roughly 35% accretive to 2027 adjusted EPS, with $280 million in anticipated net expense synergies. Genstar Capital, First Eagle's seller, will hold about 14.6% of Victory on a fully diluted basis but with voting power capped at 4.9%, plus two board seats and a three-year lock-up. Financing is fully committed via a $3.5 billion term loan, $950 million in secured notes, and an upsized revolver. Closing is expected by the end of Q1 2027, subject to shareholder approval of the equity issuance and regulatory clearances. This is a transformational scale-up that reshapes Victory's competitive position in asset management.
How filings like this one have moved
In the 30 days to Sep 9, 2026, 44.3% of the 601 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.