Janus Henderson Group plc said it has entered into a definitive agreement to be acquired by an investor group led by Trian Fund Management and General Catalyst in an all-cash transaction valued at approximately $7.4 billion.
Under the terms of the agreement, Janus Henderson shareholders not already owned or controlled by Trian will receive $49.00 per share in cash. The company said the price represents an 18% premium to the unaffected closing price on October 24, 2025, the last trading day before the initial proposal from Trian and General Catalyst was made public.
The buyer group includes strategic investors such as Qatar Investment Authority and Sun Hung Kai & Co. Limited, among others, which are expected to support the transaction’s financing alongside investment vehicles managed by Trian and General Catalyst. Janus Henderson also said the deal structure includes the rollover of shares currently held by Trian and related parties. Fully committed debt financing is being provided by JPMorgan Chase Bank, Citi, Bank of America, Jefferies, and MUFG Bank, according to the announcement.
Following receipt of the proposal, Janus Henderson’s board formed a special committee of independent directors not affiliated with Trian or General Catalyst to evaluate the transaction. The company said the special committee unanimously approved and recommended the deal after an extensive review process, and that the full board subsequently approved the transaction by unanimous vote.
If completed, Janus Henderson will operate as a private company and continue to be led by its current management team, with Ali Dibadj remaining chief executive officer. The firm said it would maintain its main presence in both London and Denver.
The transaction is expected to close in mid-2026, subject to customary closing conditions including regulatory approvals, client consents, and approval by Janus Henderson shareholders.
Janus Henderson said it had approximately $484 billion in assets under management as of September 30, 2025, with more than 2,000 employees and offices in 25 cities worldwide. Trian currently owns 20.6% of Janus Henderson’s outstanding shares and has been a shareholder since 2020, with board representation since 2022.
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“After careful review of the proposed transaction and its alternatives, we have determined that this transaction is in the best interest of Janus Henderson, its shareholders, clients, employees, and other stakeholders and delivers compelling certainty and cash value to our public shareholders at a meaningful premium to the unaffected share price.”
John Cassaday, Chairman Of The Board And Chairman Of The Special Committee
“We are pleased with Trian’s and General Catalyst’s interest in partnering with us, which is a strong affirmation of our 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.”
Ali Dibadj, Chief Executive Officer Of Janus Henderson
“As a significant shareholder of JHG with Board representation since 2022, we are proud of the Company’s performance in recent years led by Ali and his outstanding team.” “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.”
Nelson Peltz, Chief Executive Officer And Founding Partner Of Trian
“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.”
“We are also delighted to partner with Trian, with whom we share a long-term vision of success in creating additional value for Janus Henderson, a world-class organization.”
Hemant Taneja, Chief Executive Officer Of General Catalyst
“QIA is delighted to be part of this agreement to take Janus Henderson private. As 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.”
Mohammed Saif Al-Sowaidi, CEO Of Qatar Investment Authority
