Janus Henderson Group plc (JHG) entered a merger agreement on December 22, 2025, to be acquired by Trian Fund Management, L.P. and General Catalyst Group Management, LLC in a deal valued at $7.4 billion.
Janus Henderson shareholders will receive $49 per share in cash, representing a premium of 6.48% from the stock’s last close.
Janus Henderson is an active asset manager that provides investment solutions across equities, fixed income, multi-asset, and alternatives for institutional, retail, and high-net-worth clients, managing roughly $484 billion in assets worldwide.
Trian Fund is a New York–based, multi-billion-dollar investment management firm that takes concentrated stakes in public companies and works with management to improve operations and long-term value; it manages roughly $5.8 to $8.5 billion in assets under management.
General Catalyst is an investment and transformation firm that partners with ambitious founders from seed through growth stage to build innovative companies, and manages over $40 billion in assets under management across venture and growth strategies.
In October, Janus received a letter outlining a non-binding acquisition proposal submitted jointly by Trian Fund Management and General Catalyst Group Management. The stock was trading at $41.63 when Trian and General Catalyst offered $46 per share in cash.
The deal will be funded partly by investment funds managed by Trian and General Catalyst. Additional funding will come from financing commitments by global investors, including the Qatar Investment Authority, Sun Hung Kai & Co. Limited, MassMutual, and others.
Janus Henderson will continue to be led by its existing management team, with Ali Dibadj serving as Chief Executive Officer, and will maintain its primary presence in both London, England, and Denver, Colorado.
The deal is expected to close in mid-2026.
Goldman Sachs served as financial advisor to Janus Henderson, with Wachtell, Lipton, Rosen & Katz and Skadden, Arps, Slate, Meagher & Flom providing legal counsel. Jefferies Financial Group and Citi acted as financial advisors to Trian and General Catalyst, with legal counsel provided by Debevoise & Plimpton and Kirkland & Ellis.
Trian Fund and General Catalyst are purchasing Janus Henderson at 7.89 times its EBITDA.
To explore more details relating to this M&A deal, refer to the Deal Metrics page.
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Editor’s Note: Baranjot Kaur contributed to this article