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Investing.com -- Private equity firm Genstar Capital is in discussions to buy a controlling stake in First Eagle Investment Management, a company majority-owned by Blackstone (NYSE:BX) Inc. and Corsair Capital. According to Bloomberg, citing sources familiar with the matter, First Eagle could be valued at over $4 billion in this potential transaction. However, the deal has not been finalized and there’s a chance that the negotiations might not succeed.
Blackstone and Corsair acquired their majority stake in First Eagle in 2015 and have been working on a sale process with an adviser, as reported by the Financial Times earlier this month. Representatives for First Eagle, Genstar, Blackstone, and Corsair have declined to comment on the matter.
Genstar Capital, known for its dealmaking in the financial services, health care, industrials, and software sectors, raised $12.6 billion for its 11th fund in 2023.
First Eagle Investment Management, led by CEO Mehdi Mahmud, managed about $149 billion in assets as of September 30, 2024. The New York-based firm has expanded by acquiring other platforms including THL Credit (NASDAQ:FCRD) Advisors and Napier Park Global Capital.
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