Victory Capital Holdings agreed to acquire First Eagle Investments for approximately $7 billion, marking a major consolidation move in asset management. Combined assets under management are expected to reach about $571 billion, with annual revenue of roughly $3.2 billion. Victory will pay $4 billion in cash and $2 billion in newly issued shares and assume First Eagle’s $575 million of 7.25% senior secured notes due 2032. The deal is expected to close by the end of the first quarter of 2027, subject to regulatory approvals and client consents. Victory projects about $280 million in net cost synergies and a roughly 35% boost to adjusted earnings per share in 2027. Genstar, First Eagle’s principal shareholder, will receive about 14.6% economic interest in Victory with voting rights capped at 4.9%. First Eagle’s investment teams will keep their brand and autonomy, while Victory adds municipal bond, U.S. small-cap, value equity, fixed income, CLO and alternative credit capabilities.