Global Infrastructure SherpaCVC Acquires Marathon Asset Management
CVC, a leading global private markets investment firm, has agreed to acquire 100% of Marathon Asset Management, a leading US credit manager, in a cash and equity transaction valued at up to $1.2 billion. The acquisition expands CVC's access to the US market and enhances its credit capabilities. Marathon's co-founders, Bruce Richards and Lou Hanover, will continue to lead the credit strategies and Marathon will be re-branded CVC-Marathon.
Source Intelligence
The $1.2 billion closing consideration comprises $400 million in cash and up to $800 million in CVC equity. The transaction also includes earn-out consideration linked to Marathon’s future financial performance over the period from FY2027 to FY2029, of up to $200 million in cash and $200 million in CVC equity. Following completion, the combination of CVC Credit and Marathon will increase CVC Credit’s Fee-Paying Assets under Management (“FPAUM”) to approximately €61 billion.
"CVC has agreed to acquire 100% of Marathon"
"CVC has agreed to acquire 100% of Marathon"
"Advisers to CVC included JP Morgan"
"Advisers to CVC included JP Morgan, Freshfields"
"Advisers to CVC included JP Morgan, Freshfields, Fried Frank"
"Advisers to CVC included JP Morgan, Freshfields, Fried Frank and Ernst & Young."
"Advisers to Marathon included Sidley Austin."