09/01/2026
Victory Capital / First Eagle Investments — $7.0B. ~$4.4B cash + ~$2.0B new VCTR equity + $575M assumed 7.25% senior secured notes due 2032. Sellers: Genstar Capital and First Eagle employees. First Eagle AUM $222B (6/30 basis, 7/31/26 reported); pro forma $571B including a $41B credit book. ~35% accretive to 2027E adjusted EPS, ~$280M annual net expense synergies, combined revenue ~$3.2B. Committed financing: $3.5B TLB + ~$950M secured notes + $200M upsized revolver (BofA, RBC). Close end of Q1 2027. Buyer type: strategic public asset manager; seller PE. Aug 26, 2026 — primary company release.