M&A · Financials · Investment Advice
First Eagle Investments to acquire Diamond Hill Investment Group Inc
Announced Dec 11, 2025 · Closed Apr 22, 2026
Deal value$473M
Premium49.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$175.00 per share
Transaction
- Acquirer
- First Eagle Investments
- Target
- Diamond Hill Investment Group Inc (DHIL)
- Buyer type
- Strategic
- Offer price per share
- $175.00
- Enterprise value
- —
- Status
- Closed Apr 22, 2026
Deal protections
- Break fee (target pays)
- $18.0M · 3.8%
- Reverse fee (buyer pays)
- —
- Go-shop
- Go-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- UBS
- To the target
- Broadhaven Capital
Sector context · Financials
- Comparable deals
- 64 in the prior 24 months
- Premium
- 49.0% vs. 38.5% sector median
- EV / Adj. EBITDA
- Sector median 13.7x
- Break fee
- 3.8% vs. 3.7% sector median
Timeline
- AnnouncedDec 11, 2025
- Proxy filedJan 16, 2026
- Definitive proxyJan 28, 2026
- Shareholder voteMar 3, 2026
- ClosedApr 22, 2026
Valuation · fairness opinions
Precedent transactions$163.00$198.00
Discounted cash flow$165.00$208.00
Discounted cash flow$192.00$213.00
Offer $175.00
Implied value per Diamond Hill Investment Group Inc share by analysis · DCF discount rate 10%–14%.