CVC to Acquire Marathon Asset Management in Up to $1.6 Billion Deal

CVC Capital Partners Plc agreed on January 26, 2026, to acquire U.S. credit manager Marathon Asset Management in a deal valued at up to $1.6 billion. The transaction expands CVC's U.S. market access and will boost its credit unit's fee-paying assets under management to approximately €61 billion. The base consideration is up to $1.2 billion, comprising $400 million in cash and up to $800 million in CVC equity. An additional earnout of up to $400 million is linked to Marathon's performance from 2027 to 2029. Marathon's founders will continue to lead its credit strategies, and the firm will be rebranded CVC-Marathon. The acquisition is the latest in a wave of consolidation among alternative investment firms. It follows EQT AB's January 22 agreement to buy Coller Capital Ltd. for $3.2 billion, as large players seek growth in specialized areas.