CVC Agrees to Acquire Marathon in $1.2 Billion Transaction to Build a Global Multi-Asset Credit Platform

CVC Agrees to Acquire Marathon in $1.2 Billion Transaction to Build a Global Multi-Asset Credit Platform

(IN BRIEF) CVC has agreed to acquire Marathon in a cash and equity transaction valued at up to $1.2 billion, significantly expanding its global credit platform and strengthening its presence in the US market. The combination will increase CVC Credit’s fee-paying assets under management to approximately €61 billion and create a diversified, multi-asset credit manager spanning private and public credit strategies. With Marathon’s leadership team remaining in place and the business rebranded as CVC-Marathon, the transaction supports CVC’s long-term growth ambitions and its plan to scale fee-paying assets to €200 billion by 2028.

(PRESS RELEASE) LUXEMBOURG, 27-Jan-2026 — /EuropaWire/ — CVC has agreed to acquire Marathon, a leading global credit manager, in a cash and equity transaction valuing the business at up to $1.2 billion, significantly expanding CVC’s presence in the US credit market and strengthening its global credit platform. The transaction will see CVC acquire 100 percent of Marathon, combining two complementary credit franchises with strong track records across private and public markets.

The acquisition materially enhances CVC’s access to the fast-growing US credit market through Marathon’s established leadership in Asset-Based Lending, Real Estate, Opportunistic Credit, and Public Credit. These capabilities complement CVC’s existing strengths in Liquid Credit, where it is the number one European CLO manager, and in European Direct Lending, where it ranks among the top three managers. Together, the businesses will form a diversified, multi-asset global credit platform with scale across geographies and strategies.

Following completion, the combination of CVC Credit and Marathon is expected to increase CVC Credit’s fee-paying assets under management to approximately €61 billion, creating a world-class global credit manager spanning both private and public credit. The transaction broadens CVC’s product offering and enhances its ability to serve institutional investors, private wealth clients, and insurance partners worldwide. It also supports CVC’s broader ambition to grow fee-paying assets under management to €200 billion by 2028, driven by double-digit growth across its platforms.

The consideration for the transaction comprises $400 million in cash and up to $800 million in CVC equity at closing, with additional earn-out consideration of up to $200 million in cash and $200 million in equity linked to Marathon’s financial performance between fiscal years 2027 and 2029. The acquisition is expected to be earnings-per-share neutral in 2027 and accretive from 2028 onwards, before the impact of any revenue or cost synergies.

Marathon’s co-founders, Bruce Richards and Lou Hanover, will continue to co-lead the Marathon credit strategies following completion, and the business will be rebranded as CVC-Marathon. Bruce Richards will also join CVC’s Partner Board and, together with Andrew Davies, will oversee the combined CVC Credit business. The structure is intended to ensure continuity, long-term alignment, and the preservation of Marathon’s investment-led culture.

The transaction remains subject to regulatory and customary approvals and is expected to close in the third quarter of 2026. Upon completion, the combined platform is positioned to deliver enhanced scale, broader investment capabilities, and increased value for clients across global credit markets.

Media Contact:

Patrick Humphris
Managing Director, Head of Corporate Affairs
CVC
Tel: +44 204 576 9526
phumphris@cvc.com

SOURCE: CVC Capital Partners