India, Aug. 26 -- Wednesday, Victory Capital Holdings, Inc. (VCTR) announced an agreement to acquire First Eagle Investments, a privately held global asset manager, from Genstar Capital and First Eagle employees for total consideration of approximately $7.0 billion.
The total consideration includes approximately $4.4 billion in cash and $2.0 billion in newly issued Victory Capital equity. Also, Victory Capital will assume $575 million of First Eagle's existing 7.25% senior secured notes due 2032.
Following the acquisition, Genstar is expected to own approximately 14.6% of Victory Capital on a fully diluted, as-converted basis, with its voting interest limited to 4.9%. Also, Genstar will be entitled to designate two directors to the Victor...