Victory Capital Holdings Inc. (VCTR) shares jumped 3.8% to $119.61 in early trading, marking a fresh 52-week high after the company announced plans to acquire First Eagle Investments for approximately $7.0 billion.
The deal, structured as a cash-and-equity transaction, includes $4.4 billion in cash and $2.0 billion in newly issued Victory Capital stock. First Eagle’s existing $575 million in senior secured notes due 2032 will also be assumed as part of the agreement. First Eagle, an independent global asset manager, oversees roughly $222 billion in client assets, while Victory Capital currently manages $348.8 billion. The combined entity would oversee approximately $571 billion in total assets under management.
Genstar Capital and First Eagle employees will divest their stakes in the transaction. Victory Capital highlighted First Eagle’s differentiated global value multi-asset capabilities, complementary equity and fixed-income strategies, and a scaled alternative credit platform as key additions to its portfolio. The acquisition aligns with Victory Capital’s previously signaled strategy of pursuing growth through strategic deals, first outlined during its strong second-quarter 2026 earnings call.
The announcement follows Victory Capital’s earlier, unsuccessful bid for Janus Henderson, underscoring the company’s active deal pipeline. Victory Capital has a track record of integrating large acquisitions, most recently completing the merger of Pioneer Investments and Amundi US.
In broader market action, the S&P 500 added 0.1%, the Dow Jones Industrial Average was essentially flat, and the Nasdaq Composite was unchanged on the day.
