---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-26-103936"
form_type: "8-K"
ticker: "VCTR"
cik: "0001570827"
company_name: "Victory Capital Holdings, Inc."
filed_at: "2026-08-31T20:50:51+00:00"
generated_at: "2026-08-31T20:52:19.007893+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Victory Capital to acquire First Eagle; $3.5B term loan and $950M bridge financing

## Summary
- Acquiring First Eagle via two-step merger for cash, 4.9% of Victory common stock, and convertible preferred
- Financing: $3.5B incremental term loan, $200M revolver, $950M bridge from BofA and RBC
- Closing requires HSR clearance, client consents ≥75% of base revenue run-rate, stockholder approval; outside date May 25, 2027
- If stockholder approval fails, stock consideration capped at 19.9%, balance in 8% cumulative perpetual preferred (steps to 15%)
- Genstar to get board seats (2 at ≥50% ownership, 1 at ≥33%) and 3-year lock-up

## SEC filing metadata
- accession: 0001104659-26-103936
- form_type: 8-K
- ticker: VCTR
- cik: 0001570827
- company_name: Victory Capital Holdings, Inc.
- filed_at: 2026-08-31T20:50:51+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1570827/000110465926103936/0001104659-26-103936-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1570827/000110465926103936/tm2624030d6_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-26-103936
- JSON: https://secwatch.observer/filing/0001104659-26-103936.json
- Plain text: https://secwatch.observer/filing/0001104659-26-103936.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.