Dec 22 (Reuters) - Nelson Peltz's Trian and VC firm General Catalyst have agreed to buy asset manager Janus Henderson for $7.4 billion, the companies said on Monday, bringing to close a more than five-year activist campaign by the billionaire's hedge fund.
The deal highlights a broader push for asset managers to merge as they struggle to compete with cheap index funds run by firms like BlackRock and Vanguard.
Janus Henderson shareholders will receive $49 per share in cash, reflecting an 18% premium
to the closing price on October 24, the last trading day before the first proposal from Trian and General Catalyst was revealed.
Shares of the company rose 3.4% in early trading. They have outperformed peers T. Rowe Price and AllianceBernstein this year.
Janus Henderson formed in May 2017 when Henderson Group merged with Janus Capital, in a deal that initially underwhelmed investors as the asset manager continued to face outflows and internal disputes.
Peltz joined Janus Henderson's board in 2022 after building a significant stake. He has long advocated consolidation in the fragmented asset-management sector, where a larger asset base can translate into higher fees and margins.
Trian, which made headlines last year after an unsuccessful proxy battle for Disney board seats, is Janus Hendersons' largest shareholder with a 20.6% stake after first investing in 2020.
After going private, current CEO Ali Dibadj will continue to lead the company.
The investor group taking Janus private also includes Qatar Investment Authority and Hong Kong-based alternative investment company Sun Hung Kai & Co.
The deal is expected to close in mid-2026.
(Reporting by Ateev Bhandari in Bengaluru; Editing by Sahal Muhammed, Anil D'Silva and Tasim Zahid)
