European alternative investment firm CVC Capital Partners PLC announced Monday an agreement to wholly acquire New York-based credit manager Marathon Asset Management L.P. for $1.2 billion. The transaction is expected to close in the third quarter of the year.
Marathon’s senior management, including Co-Founders Bruce Richards and Lou Hanover, will continue to lead the firm’s credit strategies, which will be rebranded CVC-Marathon. The combination will create a credit platform with 61 billion euros ($73.63 billion) in fee-paying assets under management—with the goal of more than doubling this figure to 200 billion euros by 2028.
“CVC’s focus on delivering exceptional investment returns, integrity, collaboration, and client partnership closely aligns with Marathon’s culture,” Richards said in a statement. “CVC’s global reach and its investment insights across multiple asset classes and geographies will deliver a powerful partnership, and we greatly look forward to growing our world class credit platform together with CVC.”
CVC, based in the British Crown dependency of Jersey, manages 201 billion euros ($238.69 billion) in assets. Marathon manages $24 billion in assets across various public and private credit strategies.
 |
Janus Henderson to Be Acquired by Trian, General Catalyst for $7.4B |
 |
WTW to Acquire Secondaries Manager FlowStone |
 |
Madison Dearborn Partners to Acquire Stake in Insurer |