Trian, General Catalyst Acquire Janus Henderson for $7.4B

Trian Fund Management L.P. and General Catalyst Group Management LLC announced Monday that they will acquire the active asset manager Janus Henderson Group PLC in an all-cash transaction for approximately $7.4 billion.

Owners of Janus Henderson shares not already owned by Trian will receive $49 in cash per share, an 18% premium from the unaffected closing price on October 24, the last trading day before Trian and General Catalyst’s acquisition proposal was made public. Janus Henderson will continue to be led by its management team, including CEO Ali Dibadj, and will keep its main offices in London and Denver.

The transaction is expected to close in the middle of 2026. Strategic investors include the Qatar Investment Authority, Hong Kong-based asset manager Sun Hung Kai & Co. Ltd. and MassMutual.

In a statement, Dibadj said the buyout was a “strong affirmation of our long-term strategy” and the partnership with Trian and General Catalyst will allow Janus Henderson to “further invest in our product offering, client services, technology, and talent.”

Nelson Peltz, CEO of and a founding partner in Trian, said in a statement that he is “proud of [Janus Henderson’s] performance in recent years led by Ali [Dibadj] and his outstanding team.” General Catalyst CEO Hemant Taneja released a statement calling the buyout a “tremendous opportunity.”

The announcement caps off a year of major transactions by Janus Henderson. In April, Janus Henderson became the manager of the $45 billion investment-grade fixed-income portfolio of the Guardian Life Insurance Co. of America. The two firms also co-developed multi-asset solution model portfolios for Park Avenue Securities LLC, Guardian Life’s dually registered broker/dealer and registered investment adviser.

In September, insurance provider CNO Financial Group Inc. acquired a minority stake in private credit manager Victory Park Capital, owned by Janus Henderson, for $600 million in capital commitments.

Trian and General Catalyst Group’s initial acquisition proposal, made on October 26, offered $46 in cash per share. Janus Henderson formed a special committee of unaffiliated directors who eventually approved and recommended the sale, and the company’s board of directors approved the final sale by unanimous vote.

Janus Henderson had approximately $484 billion in assets under management and more than 2,000 employees as of September 30. The firm reported that 50% of its AUM come from intermediary clients, while 30% come from institutional clients and 20% from self-directed investors.