Janus Henderson Group NYSE:JHG, the Anglo-American asset manager, has agreed to be taken private in a $7.4bn all-cash deal led by activist investor Trian Fund Management and growth investor General Catalyst, marking one of the largest take-private transactions in the global asset management industry in recent years.
Under the terms of the agreement, shareholders of Janus Henderson not already controlled by Trian will receive $49 a share in cash, an 18 per cent premium to the group’s unaffected closing price on October 24, the last trading day before news of the proposal emerged. The transaction values the New York-listed company’s equity at approximately $7.4bn.
The investor consortium also includes several long-term strategic backers, among them Qatar Investment Authority and Hong Kong-based Sun Hung Kai & Co, alongside other global institutions. The deal is expected to close in mid-2026, subject to regulatory approvals, shareholder consent and customary closing conditions.
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Trian, founded by Nelson Peltz, is already Janus Henderson’s largest shareholder, owning 20.6 per cent of the outstanding shares. It has held a stake since 2020 and secured board representation two years later. General Catalyst, best known for backing technology and artificial intelligence-driven businesses, has increasingly moved into large-scale transformation investments alongside established financial sponsors.
As a private company, Janus Henderson will continue to be led by its existing management team, including chief executive Ali Dibadj, and will retain its dual headquarters in London and Denver. The company manages about $484bn in assets and employs more than 2,000 staff across 25 cities.
Shortly after receiving the proposal, Janus Henderson’s board established a special committee of independent directors to evaluate the offer. The committee unanimously recommended the transaction following what the company described as an extensive review, a recommendation later endorsed by the full board.
John Cassaday, chair of both the board and the special committee, said the deal delivered “compelling certainty and cash value” at a meaningful premium, while balancing the interests of clients, employees and other stakeholders.
Greater flexibility for Janus Henderson
For Dibadj, who has overseen a strategic overhaul since taking the helm in 2022, the move back into private ownership offers greater flexibility. He said the partnership would allow the firm to invest more heavily in products, technology and talent, building on a strategy focused on protecting and growing its core franchises while selectively diversifying.
Peltz said Trian saw scope to accelerate investment and operational improvement at Janus Henderson, arguing that collaboration with General Catalyst would combine activist discipline with technological expertise. Hemant Taneja, General Catalyst’s chief executive, said the firm saw an opportunity to apply artificial intelligence across operations to enhance growth and client outcomes.
Long term investment for Qatar
QIA’s chief executive, Mohammed Saif Al-Sowaidi, described the transaction as a long-term investment aligned with the sovereign wealth fund’s strategy of backing established global financial institutions through their next phase of development.
The acquisition will be financed through a combination of equity from funds managed by Trian and General Catalyst, rollover shares held by Trian and debt financing provided by a syndicate of banks including JPMorgan, Citi, Bank of America, Jefferies and MUFG.
The deal underscores renewed private equity interest in traditional asset managers, whose depressed valuations have made them ripe for consolidation and private ownership as they adapt to structural shifts in investing.
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