Virtus Investment Partners to acquire majority stake in Keystone for up to $370M

VIRTUS INVESTMENT PARTNERS, INC.

Initial purchase price $200M cash at close, plus $65M year 1, $30M year 2, and up to $75M contingent on revenue targets.
Keystone manages $2.5B in private credit specializing in asset-backed lending; has deployed $6B since inception.
Transaction expected to close in Q1 2026 subject to client consents, regulatory approvals, and fund board/shareholder approvals.
Virtus expects to finance with existing balance sheet resources; deal accretive to 2026 earnings.
Keystone's management retains equity and enters long-term employment agreements; maintains investment autonomy.

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