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.

item 9.01

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