Victory Capital plans debt financing for USAA Asset purchase

By Sara Rosenberg

New York, Nov. 6 – Victory Capital Holdings Inc. plans on using debt and cash on the balance sheet to fund its acquisition of USAA Asset Management Co. for $850 million plus the opportunity for additional contingent payments based on future business performance, according to a news release.

Closing is expected in the second quarter of 2019, subject to regulatory and other customary approvals, conditions and consents.

Barclays and RBC Capital Markets served as financial advisers to Victory Capital. Goldman Sachs & Co. LLC served as financial adviser to USAA.

Victory Capital is a Brooklyn, Ohio-based asset management firm. USAA Asset Management is a San Antonio-based investment firm.

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