Trian, General Catalyst to acquire Janus Henderson in $7.4bn deal

Asset manager Janus Henderson Group has agreed to beryllium acquired by Trian Fund Management and General Catalyst Group Management, successful an all-cash transaction worthy up to $7.4bn.

Trian presently holds 20.6% of Janus Henderson’s outstanding shares and has maintained committee practice since 2022, pursuing its archetypal concern successful 2020.

General Catalyst, which focuses connected concern translation and the usage of artificial quality (AI), is partnering with Trian successful this transaction.

Under the agreement, Janus Henderson shareholders, excluding those whose shares are already owned oregon controlled by Trian, volition person $49 per stock successful cash.

This terms represents an 18% premium implicit the closing terms of Janus Henderson shares connected 24 October 2025, the past trading time earlier the archetypal Trian and General Catalyst connection was made public.

The acquisition is anticipated to beryllium completed successful mid-2026, taxable to customary closing conditions, including regulatory approvals, lawsuit consents, and the support of Janus Henderson shareholders.

Upon closing the transaction, Janus volition go a backstage institution and proceed to run nether its existing absorption team, led by CEO Ali Dibadj.

The institution volition clasp its superior offices successful London and Denver.

Janus Henderson CEO Ali Dibadj said: “We are pleased with Trian’s and General Catalyst’s involvement successful partnering with us, which is simply a beardown affirmation of our semipermanent strategy.

“With this concern with Trian and General Catalyst, we are assured that we volition beryllium capable to further put successful our merchandise offering, lawsuit services, technology, and endowment to accelerate our maturation and present differentiated insights, disciplined concern strategies, and world-class work to our clients.

“This transaction is simply a testament to Janus Henderson employees globally who person executed connected our strategy to Protect & Grow our core, Amplify our strengths, and Diversify wherever we person the right, putting our clients archetypal – always.”

After receiving the acquisition bid, Janus Henderson’s committee established a Special Committee comprising autarkic directors unrelated to Trian oregon General Catalyst.

The Special Committee evaluated the connection and unanimously recommended the transaction, pursuing a broad review.

Based connected the Special Committee recommendation, Janus Henderson’s committee approved the transaction.

The transaction volition beryllium partially financed by concern vehicles managed by Trian and General Catalyst, with further backing from a radical of investors.

The capitalist radical includes Qatar Investment Authority, Sun Hung Kai & Co., and MassMutual, among others. Trian and its affiliates volition besides rotation implicit their existing shares.