VIRTUS INVESTMENT PARTNERS, INC. (VRTS): M&A transaction — Virtus closes $295M+ majority acquisition of Keystone National Group, expanding into private credit

VIRTUS INVESTMENT PARTNERS, INC.

Acquired 56% of Keystone for $200M cash at close plus $65M (yr 1), $30M (yr 2), up to $75M contingent on revenue.
Keystone managed $2.5B in assets as of Dec 31, 2025; specializes in asset-backed lending across equipment, real estate, financial assets.
Keystone management retains autonomy and significant equity stake; Virtus gains distribution support for private markets.
Deal expands Virtus' multi-boutique model into private credit; funded from existing balance sheet.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 1.0

VIRTUS INVESTMENT PARTNERS, INC. completed an acquisition involving Keystone National Group, LLC for (a) $200 million in cash at Closing, subject to customary adjustments as set forth in the Purchase Agreement, (b) an additional $65 million payable in cash on t (closed 2026-03-01).

Action: acquisition
Counterparty: Keystone National Group, LLC
Consideration: (a) $200 million in cash at Closing, subject to customary adjustments as set forth in the Purchase Agreement, (b) an additional $65 million payable in cash on t
Closing: 2026-03-01

Exact text from the filing

with the terms and subject to the conditions of the Transaction documents. The purchase price payable by the Company for the equity of Keystone acquired at Closing was (a) $200 million in cash at Closing, subject to customary adjustments as set forth in the Purchase Agreement, (b) an additional $65 million payable in cash on the first anniversary of the

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Source: SEC EDGAR

accession 0000883237-26-000012

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