Victory Capital buys First Eagle for $7 billion, adding $222 billion

Victory Capital Holdings today agreed to buy First Eagle Investments for about $7.0 billion in cash, newly issued stock and assumed debt, in a full-company acquisition that would add First Eagle’s platform to the listed manager. The deal would bring roughly $222 billion of assets under management into a combined business with about $571 billion in total client assets.

Paying with cash, newly issued equity and assumed debt for 100% of First Eagle shows this is a full-company acquisition rather than a lift-out or distribution partnership.

Sources: ir.vcm.com