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 2027 adjusted 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 at $116.26 per share, and assumption of $575M in 7.25% senior secured notes due 2032.
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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 and 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 (27% of First Eagle's expense base) and combined annual revenue of ~$3.2B.
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Financing and Leverage
Fully committed financing from BofA Securities and RBC Capital Markets: new $3.5B term loan B, ~$950M secured notes, and upsized $200M revolver. Net leverage expected at ~3.2x pro forma adjusted EBITDA at closing, declining to ~2x by end of 2028.
Analysis · VCTR · Finance
Victory Capital is acquiring First Eagle Investments for approximately $7.0 billion in cash and stock, nearly doubling its client assets to $571 billion and adding a scaled CLO and alternative credit platform. The deal is expected to be ~35% accretive to 2027 adjusted EPS, with ~$280 million in net expense synergies. The equity portion is priced at $116.26 per share, and Genstar will own ~14.6% of Victory on a fully diluted basis with voting capped at 4.9%. Financing includes a new $3.5 billion term loan B, $950 million in secured notes, and an upsized $200 million revolver, with net leverage expected to reach ~3.2x pro forma adjusted EBITDA at closing before deleveraging to ~2x by end of 2028. Shareholder approval of the equity issuance is not a condition to closing — an alternative perpetual preferred structure is available, giving certainty of close.
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.