First Eagle Investment Management, LLC completed its acquisition of Diamond Hill Investment Group, Inc. (DHIL) on April 22, 2026, finalizing a deal that was first disclosed on December 11, 2025. The transaction values DHIL at approximately $473 million, with shareholders receiving $175.00 in cash per share. Upon closing, DHIL’s shares will be delisted from the Nasdaq and the company will become a wholly‑owned subsidiary of First Eagle, while its Columbus, Ohio headquarters and investment philosophy remain unchanged.
The deal expands First Eagle’s fixed‑income platform and adds Diamond Hill’s U.S. equity and alternative‑strategy capabilities, creating a complementary blend of investment styles. By combining the two firms, First Eagle positions itself to better navigate fee compression and outflows that are reshaping the active‑management landscape, while leveraging scale to enhance client offerings and operational efficiency.
Pro‑forma, the combined entity will manage approximately $213 billion in assets and advisory fees as of March 31, 2026, with Diamond Hill contributing roughly $27 billion. This scale boost strengthens First Eagle’s balance sheet and broadens its product suite, supporting the firm’s long‑term growth strategy.
Operationally, Diamond Hill will retain its Columbus base and its investment philosophy. Heather Brilliant will continue to lead Diamond Hill while also serving as Chief Operating Officer for First Eagle, ensuring continuity of the firm’s disciplined, valuation‑driven approach and preserving the culture that has driven its performance.
The acquisition aligns with a broader industry trend of consolidation driven by fee pressure and the need for scale. First Eagle’s recent majority investment from Genstar Capital and its focus on expanding fixed‑income and alternative credit capabilities underscore the strategic intent behind the deal. The transaction is expected to enhance First Eagle’s competitive positioning and provide clients with a more diversified set of active‑management solutions.
"Serving clients is our primary purpose at First Eagle, and it drives our commitment to delivering differentiated investment solutions and exceptional service. Our acquisition of Diamond Hill brings together two firms with deeply rooted investment disciplines and a shared focus on clients’ long‑term success," said Mehdi Mahmud, President and Chief Executive Officer of First Eagle.
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