Private capital group CVC has struck an agreement to acquire credit manager Marathon Asset Management for up to $1.6bn in the latest in a wave of deals consolidating the private markets industry.
The deal for the New York-based firm, expected to close in the third quarter, will boost CVC’s fee-paying assets under management by €17bn.
CVC will pay $1.2bn in cash and shares plus another $400mn in earnouts linked to Marathon’s future performance, the firm said in a statement.
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