secwatch.observer — SEC 8-K summary
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Issuer:     Victory Capital Holdings, Inc. (VCTR)
CIK:        0001570827
Form:       8-K
Filed at:   2026-08-31T20:50:51+00:00
Accession:  0001104659-26-103936
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1570827/000110465926103936/0001104659-26-103936-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1570827/000110465926103936/tm2624030d6_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-103936

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer