M&A
confidence high
sentiment positive
materiality 0.80
Virtus acquires 56% of Keystone for $308.2M; expands into private credit
VIRTUS INVESTMENT PARTNERS, INC.
- Total purchase price $308.2M: $198.8M cash at close, $109.4M contingent consideration (deferred cash $88.1M, earn-out $21.3M).
- Keystone generated $60.9M in management fee revenue and $40.9M net income for FY2025.
- Pro forma balance sheet adds $307M intangible assets and $246M goodwill; Virtus incurs $50M additional debt.
- Acquisition closed March 1, 2026; Keystone specializes in asset-centric private credit.