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A $7 billion acquisition of First Eagle Investments positions Victory Capital Holdings ($VCTR) for a combined asset base of roughly $571 billion.
San Antonio-based Victory will pay $4 billion in cash and issue $2 billion in newly created shares, and will assume $575 million of First Eagle's senior secured notes due in 2032, per a statement released Wednesday.
First Eagle manages approximately $229 billion.
Its $41 billion CLO and alternative credit platform will become the combined firm's dedicated alternatives arm after closing, slotting into Victory's existing multi-asset lineup.
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