Azerbaijan (Commerce Desk): Amsterdam-listed CVC Capital Partners has agreed to acquire US credit manager Marathon Asset Management, marking the latest move in the ongoing consolidation within the alternative investment sector.
According to CVC, the acquisition will be structured as a mix of cash and company shares, with an initial valuation of approximately $1.2 billion, including $400 million in cash and up to $800 million in CVC equity.
The deal also includes an earnout tied to Marathon’s financial performance from 2027 to 2029, potentially worth $200 million in cash and $200 million in CVC equity.
The company stated that the acquisition will significantly expand CVC’s presence in the US market, particularly due to Marathon’s leadership in assets, real estate, opportunistic investments, and public credit. The merger is expected to increase earnings per share from 2028, before any incremental revenue or cost synergies.
Following the merger, fee-based assets under CVC’s credit unit will reach approximately €61 billion ($72 billion). Marathon founders Bruce Richards and Lou Hannover will continue to lead Marathon’s credit strategy, and the combined entity will be named CVC-Marathon.
Founded in 1998, Marathon manages over $24 billion in assets and has a team of around 190 professionals worldwide.
