Victory Capital Secures $4.65 Billion Financing for First Eagle Acquisition
On August 25, 2026, Victory Capital secured up to $4.65 billion of committed financing from Bank of America and Royal Bank of Canada to fund its definitive agreement to acquire First Eagle Investments through a two-step merger. The package includes a $3.5 billion seven-year term loan, a $200 million five-year revolver, and a $950 million bridge facility; merger consideration includes cash, new Victory common shares equal to 4.9% of post-close shares, and Series B non-voting convertible preferred stock. Closing remains subject to HSR clearance, other regulatory approvals, client consents, shareholder approval for the share issuance, and customary conditions.
This is a concrete, forward-looking financing and M&A update rather than price commentary. The primary source explicitly identifies a definitive two-step merger, up to $4.65 billion of committed financing, the financing facilities, and closing conditions; supporting sources corroborate the approximately $7.0 billion transaction and the named financing providers. The prior related development captured the high-level acquisition announcement, while this candidate adds a separately actionable financing package and detailed transaction terms, so it is treated as a distinct update within existing event 2805 rather than a duplicate. Importance is high because the financing affects Victory Capital’s capital structure and the transaction’s completion probability, while surprise is meaningful but not established as a market shock. The agreements were signed/effective on August 25, 2026; the exact UTC time is unavailable, so midnight UTC is used as a date-level estimate rather than the later source-publication time. Approved stakeholders are limited to Victory Capital, the named financing providers, and direct CLO/private-credit competitors with explicit support in the supplied context; broader peers are excluded because their effects are more indirect and no direct client loss is disclosed.
Victory Capital announced a definitive Merger Agreement to acquire First Eagle through a two-step merger, with consideration comprising cash, new common shares equal to 4.9% of post-close shares, and Series B non-voting convertible preferred stock, subject to client consent and customary adjustments.
To fund the deal and related costs, Victory secured up to $4.65 billion in committed financing from Bank of America and Royal Bank of Canada, including a $3.5 billion seven-year term loan, a $200 million five-year revolver, and a $950 million bridge facility.
Closing remains subject to HSR clearance, other regulatory approvals, client consents, shareholder approvals for share issuance, and customary conditions.