MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication
an InvestmentWires' Publication
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MutualFundWire.com
The insiders' edge for 40 Act industry executives!
an InvestmentWires' Publication |
|
Monday, December 22, 2025 Peltz Leads a Buyout of a $484B-AUM, Multinational AM Nelson Peltz's company is preparing to take a familiar, 2,000-employee, multinational asset manager private, with help from an AI-focused private equity firm, a Middle Eastern sovereign wealth fund, and an East Asian alternatives firm.
The deal is expected to close in the middle of next year. Goldman Sachs & Co. LLC advised Janus Henderson's special committee (formed in the fall to consider General Catalyst and Trian's proposal), while Centerview Partners advised Janus Henderson, and Jefferies Financial Group Inc. and Citi advised the buyers. On the legal side, Debevoise & Plimpton LLP and Kirkland & Ellies LLP counseled the buyers, while Skadden, Arps, Slate, Meagher & Flom LLP counseled Janus Henderson, and Wachtell, Lipton, Rosen & Katz counseled the special committee. The deal will be partly financed by debt, which will be provided by JPMorgan Chase Bank, N.A., Citi, Bank of America, N.A., Jeffries LLC, and MUFG Bank, Ltd.. Taneja and Peltz first proposed a variation of this deal on October 26, and the Janus Henderson folks publicly unveiled the deal the next day. Today's pricing is a 6.5-percent boost per share and a 2.8-percent overall valuation boost over that initial October proposal. The pricing now also translates into about 1.5 percent of Janus Henderson's $484 billion in AUM*, as well as three times the firm's 2024 revenue and 11.1 times the firm's 2024 adjusted operating income. (Note that Trian and its affiliates are no strangers to backing big fund firms, already owned 20.6 percent of Janus Henderson prior to today's deal, up from 20.4 percent when they first made the offer in October. See MFWire's October coverage for more info on the five-year shared history between Janus Henderson and Trian.) The buyers promise that current Janus Henderson CEO Ali Dibadj will continue to lead the company after the buyout, along with the rest of his current management team. John Cassaday, chairman of both Janus Henderson's board and of the special committee, calls the Trian-General Catalyst buyout "in the best interest of Janus Henderson, its shareholders, clients, employees, and other stakeholders." Dibadj describes the deal as "a strong affirmation of [Janus Henderson's] long-term strategy." "With this partnership with Trian and General Catalyst, we are confident that we will be able to further invest in our product offering, client services, technology, and talent to accelerate our growth and deliver differentiated insights, disciplined investment strategies, and world-class service to our clients," Dibadj states. Peltz applauds Janus Henderson's recent performance under Dibadj and hints at how the buyers look to boost their target. "The partnership with General Catalyst allows us to bring our shared entrepreneurial spirit and complementary strengths across operational excellence and technological transformation to Janus Henderson," Peltz states. "We look forward to working closely with Ali and the JHG team, as well as Hemant and the General Catalyst team, to build a category defining business." "We see a tremendous opportunity to partner with Janus Henderson's leadership team to enhance the Company's operations and customer value proposition with AI to drive growth and transform the business," Taneja states. Mohammed Saif Al-Sowaidi, CEO of QIA, puts the deal in the context of the sovereign wealth fund being "a long-term financial investor." "We look forward to collaborating with our partners at Trian and General Catalyst to drive Janus Henderson through the next phase of its impressive growth story," Al-Sowaidi states. *As of September 30, 2025. Printed from: MFWire.com/story.asp?s=71859 Copyright 2025, InvestmentWires, Inc. All Rights Reserved |
