Trian Fund Management, L.P. and General Catalyst this week announced its acquisition of Janus Henderson, in an all-cash transaction valued at $7.4 billion.
Under terms of the transaction, Janus Henderson will continue to be managed by Chief Executive Officer Ali Dibadj and will keep its offices in London and Denver.
“With this partnership with Trian and General Catalyst, we are confident that we will be able to further invest in our product offering, client services, technology, and talent to accelerate our growth and deliver differentiated insights, disciplined investment strategies, and world-class service to our clients,” said Dibadj in a statement.
According to the announcement, owners of shares not already owned or controlled by Trian will receive $49 per share in cash, an 18% premium to closing prices of Janus Henderson’s shares on October 24, 2025, the last trading day before the initial Trian and General Catalyst acquisition proposal was made public.
Trian, an investment firm, has backed Janus Henderson since 2020 before becoming a shareholder with Board representation in 2022. It currently owns 20.6% of Janus Henderson’s outstanding shares.
“We see a growing opportunity to accelerate investment in people, technology, and clients. The partnership with General Catalyst allows us to bring our shared entrepreneurial spirit and complementary strengths across operational excellence and technological transformation to Janus Henderson,” said Nelson Peltz, chief executive officer and founding partner of Trian.
The acquisition is one of several between Trian and General Catalyst.
General Catalyst, a global investment firm, specializes in financing companies with a focus on artificial intelligence (AI) technology. Among the firms it has invested in include Gusto and Stripe.
“We see a tremendous opportunity to partner with Janus Henderson’s leadership team to enhance the Company’s operations and customer value proposition with AI to drive growth and transform the business,” said Hemant Taneja, chief executive officer of General Catalyst.
The Janus Henderson Board of Directors formed a special committee following Trian and General Catalyst’s acquisition proposal, which originally offered $46 in cash per share. The acquisition was ultimately approved and recommended by the Special Committee, composing of independent directors unaffiliated with Trian or General Catalyst, and was later approved by Janus Henderson’s Board of Directors.
The transaction is expected to close in mid-2026 and is subject to customary closing conditions. Strategic investors include Qatar Investment Authority and Sun Hung Kai & Co. Limited, among others.
Janus Henderson has approximately $484 billion in assets under management (AUM) and over 2,000 employees as of September 30, 2025.