CVC to acquire Marathon Asset Management, expanding its US credit platform
CVC agreed to acquire Marathon Asset Management for up to $1.2 billion in a cash-and-equity deal to expand its US credit capabilities and broaden its multi-asset credit platform. The base consideration is $400 million in cash and up to 45 million SubCo Units exchangeable for CVC shares, plus up to $800 million in CVC equity, with earn-outs of up to $200 million cash and $200 million in SubCo Units. Marathon’s minority partner will receive $280 million in cash. The deal is expected to close in Q3 2026 and be EPS neutral in 2027 and accretive from 2028. Marathon will be rebranded CVC-Marathon, with co-heads Bruce Richards and Lou Hanover leading the combined credit business. Post-close, CVC’s Fee-Paying AUM is targeted at about €61 billion, supporting plans to reach €200 billion by 2028 across Private and Public Credit and multiple client channels.