Victory Capital announced on August 26, 2026 the acquisition of First Eagle Investments for approximately $7 billion. The combined entity will manage $571 billion in client assets, including Victory’s $348.8 billion and First Eagle’s $222 billion. The transaction is funded through $4.4 billion in cash, $2 billion in newly issued equity, and the assumption of $575 million in debt. The combined firm is projected to generate $3.2 billion in annual revenue with $280 million in expense synergies, and expects a 35% increase in adjusted earnings per share for 2027. The deal is expected to close by the end of Q1 2027, subject to regulatory approvals.
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