First Eagle to Acquire Diamond Hill for $473 Million in Cash (1)

Genstar Capital-backed First Eagle Investments agreed to buy Diamond Hill Investment Group Inc. for $473 million in cash, sending Diamond Hill shares climbing the most in more than two decades.

Diamond Hill investors will receive $175 for each of their shares, a 49% premium over Wednesday’s closing price, the companies said in a statement seen by Bloomberg. The deal is expected to be completed by the third quarter of 2026, pending regulatory and shareholder approval.

Diamond Hill shares surged 45% to $169.98 at 10:19 a.m. in New York trading Thursday, the biggest increase in 24 years.

In addition, Diamond ...