First Eagle Investments to acquire Diamond Hill Investment Group for $473 million

Davis Polk advised Diamond Hill Investment Group, Inc. in its sale to First Eagle Investments. The transaction will see First Eagle acquire all outstanding shares of Diamond Hill for $175 per share in an all-cash deal valuing Diamond Hill at approximately $473 million. The parties expect the transaction to close by the third quarter of 2026, subject to the satisfaction of customary closing conditions and regulatory approvals. Upon completion, Diamond Hill’s shares will cease trading on Nasdaq. Diamond Hill is an independent, employee-owned asset manager whose shares trade on Nasdaq under the symbol DHIL. Its investment strategies include differentiated U.S. and international equity, alternative long-short equity, and fixed income; as of September 30, 2025, Diamond Hill reported assets under management and advisement totaling $32.4 billion. First Eagle Investments is an independent, privately owned investment management firm headquartered in New York, with approximately $176 billion in assets under management as of September 30, 2025. The firm pursues active, fundamental, benchmark-agnostic investing with an emphasis on downside mitigation, and offers capabilities across equity, fixed income, alternative credit and multi-asset strategies. Davis Polk represented Diamond Hill Investment Group, Inc. with a team composed by: partner Evan Rosen (partner, corporate); Claire Fischer (associate, corporate); Veronica M. Wissel (partner, executive compensation); Chloe (Tianyi) Wang (associate, executive compensation); Gregory S. Rowland (partner, investment management); Matthew R. Silver (counsel, investment management); Michael W. Brasher (counsel, investment management); Saloni Pant (associate, investment management); Ethan R. Goldman (partner, tax); and Robert F. Smith (partner, sponsor finance). All members of the Davis Polk team are based in the firm's New York office.

First Eagle Investments to acquire Diamond Hill Investment Group for $473 million

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