Asset manager Janus Henderson Group has agreed to be acquired by Trian Fund Management and General Catalyst Group Management, in an all-cash transaction worth up to $7.4bn.
Trian currently holds 20.6% of Janus Henderson’s outstanding shares and has maintained board representation since 2022, following its initial investment in 2020.
General Catalyst, which focuses on business transformation and the use of artificial intelligence (AI), is partnering with Trian in this transaction.
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Under the agreement, Janus Henderson shareholders, excluding those whose shares are already owned or controlled by Trian, will receive $49 per share in cash.
This price represents an 18% premium over the closing price of Janus Henderson shares on 24 October 2025, the last trading day before the initial Trian and General Catalyst proposal was made public.
The acquisition is anticipated to be completed in mid-2026, subject to customary closing conditions, including regulatory approvals, client consents, and the approval of Janus Henderson shareholders.
Upon closing the transaction, Janus will become a private company and continue to operate under its existing management team, led by CEO Ali Dibadj.
The company will retain its primary offices in London and Denver.
Janus Henderson CEO Ali Dibadj said: “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.
“This transaction is a testament to Janus Henderson employees globally who have executed on our strategy to Protect & Grow our core, Amplify our strengths, and Diversify where we have the right, putting our clients first – always.”
After receiving the acquisition bid, Janus Henderson’s board established a Special Committee comprising independent directors unrelated to Trian or General Catalyst.
The Special Committee evaluated the offer and unanimously recommended the transaction, following a comprehensive review.
Based on the Special Committee recommendation, Janus Henderson’s board approved the transaction.
The transaction will be partly financed by investment vehicles managed by Trian and General Catalyst, with additional backing from a group of investors.
The investor group includes Qatar Investment Authority, Sun Hung Kai & Co., and MassMutual, among others. Trian and its affiliates will also roll over their existing shares.
Goldman Sachs & Co. served as financial advisor and Wachtell, Lipton, Rosen & Katz as legal advisor to the special committee.
Skadden, Arps, Slate, Meagher & Flom acted as legal advisor to Janus Henderson, while Centerview Partners continued as long-standing advisor to the company.
Jefferies Financial Group and Citi served as financial advisors to the investor group.
JPMorgan Chase Bank, Citi, Bank of America, Jefferies, and MUFG Bank provided fully committed debt financing. Debevoise & Plimpton and Kirkland & Ellis served as legal advisors to the investor group.
Trian CEO and founding partner Nelson Peltz said: “Our team at Trian has successfully invested in and grown many iconic public and private companies over the years.
“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. We see a growing opportunity to accelerate investment in people, technology, and clients.
“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.
“We look forward to working closely with Ali and the JHG team, as well as Hemant and the General Catalyst team, to build a category-defining business.”
In August last year, Janus Henderson agreed to purchase a majority interest in Victory Park Capital Advisors, a global private credit manager.
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