First Eagle Investments has agreed to acquire Diamond Hill Investment Group for approximately $473 million. The deal calls for First Eagle to purchase all outstanding shares of Diamond Hill for $175 per share in cash, which reflects a 49% premium over Diamond Hill’s previous closing price of $117.48 on December 10, 2025, and a 44 percent premium over its 30-day volume-weighted average price.
The acquisition is expected to expand First Eagle’s presence across equity, fixed income, alternative credit, and multi-asset strategies while also deepening its footprint in traditional fixed income. Diamond Hill’s United States-focused multi-cap equity platform will complement First Eagle’s Global Value and Small Cap capabilities. The companies stated that Diamond Hill will continue operating from its Columbus headquarters, maintain its existing brand and preserve its investment philosophy, process, and teams.
Upon closing, Diamond Hill shares will cease trading on Nasdaq. The companies expect the transaction to close by the third quarter of 2026, subject to regulatory approvals, a shareholder vote, and other customary closing conditions. Diamond Hill will suspend quarterly dividend payments until the deal is completed. The agreement includes a 35-day go-shop period extending through January 14, 2026, allowing Diamond Hill to solicit competing acquisition proposals, though there is no guarantee that a superior offer will emerge.
First Eagle reported approximately $176 billion in assets under management as of September 30, 2025. Combined pro forma assets under management and advisement will total about $208 billion. Diamond Hill reported $32.4 billion in assets under management and advisement as of the same date.
Support: Broadhaven Capital Partners is serving as financial advisor to Diamond Hill, with Davis Polk & Wardwell and Vorys, Sater, Seymour & Pease providing legal counsel. FGS Global is advising on strategic communications. UBS Investment Bank is serving as financial advisor to First Eagle, and Willkie Farr & Gallagher is providing legal counsel.
KEY QUOTES
“Our clients expect First Eagle to be a thoughtful curator of superb and differentiated investment strategies. The acquisition of Diamond Hill is the next step in First Eagle’s ongoing effort to expand the range of investment solutions we offer to meet clients’ needs. The cultural fit between our firms – fiduciary mindset, commitment to investment excellence, and long term orientation – couldn’t be better. All of our clients will be better served through this combination.”
Mehdi Mahmud, President And CEO Of First Eagle
“Our clients have always been at the center of everything we do, and we are proud of the growth and partnerships we have created over our 25 year history. This partnership with First Eagle is an opportunity to accelerate the evolution of our strong foundation. We will continue to apply the same disciplined approach and investment philosophy our clients rely on today, now supported by First Eagle’s expanded capabilities, resources, and distribution network. We are excited to continue serving our clients with our existing investment teams and look forward to the new opportunities this partnership will create.”
Austin Hawley, Portfolio Manager And Board Director, Diamond Hill and Henry Song, Portfolio Manager, Diamond Hill
“This partnership is a testament to the strength and resilience of our business and delivers immediate value to our shareholders. Joining First Eagle, whose 160 year history reflects a deep commitment to client outcomes, will position Diamond Hill for continued success over the long term. We are incredibly proud of what our team has accomplished and look forward to building an even stronger future as part of First Eagle.”
Heather Brilliant, CEO Of Diamond Hill
