Blackstone, Corsair clinch $4 billion deal for First Eagle

Reuters News
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Posted: Jul 20, 2015 10:31 AM

By Greg Roumeliotis and Jessica Toonkel

(Reuters) - Private equity firms Blackstone Group LP and Corsair Capital have agreed to acquire a majority stake in First Eagle Investment Management, valuing the company at around $4 billion including debt, according to people familiar with the matter.

The deal for privately held First Eagle is expected to be announced later on Monday, the people said, asking not to be identified because the agreement is not yet public.

Blackstone and Corsair declined to comment. First Eagle did not respond to requests for comment.

New York-based First Eagle manages approximately $100 billion in investment assets.

Blackstone and Corsaise have been in negotiations to acquire the company for several months, as first reported by Reuters in April.

The majority of First Eagle is owned by the family of John Arnhold, First Eagle's chairman and chief investment officer. Private equity firm TA Associates owns a minority stake in New York-based First Eagle.

In 2013, TA hired Bank of America Corp to explore selling its stake, which is around 25 percent, Reuters reported at the time.

(Reporting by Greg Roumeliotis and Jessica Toonkel in New York; Editing by Bernadette Baum)