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00:02Victory Capital agreed to acquire First Eagle Investments for about $7 billion in a deal
00:08that will create a publicly traded asset manager with roughly $571 billion in total client assets.
00:18According to the Wall Street Journal, the purchase includes about $4.4 billion in cash,
00:24$2 billion in newly issued Victory Capital equity, and the assumption of $575 million in First Eagle debt.
00:32First Eagle manages roughly $222 billion and will retain its brand, investment autonomy, and existing processes.
00:40The deal is expected to close by the end of the first quarter of 2027.
00:44Victory Capital expects the transaction to boost adjusted earnings per share by roughly 35% next year,
00:50including about $280 million in anticipated net expense synergies.
00:55The combined company is expected to generate about $3.2 billion in annual revenue.
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