Navigator to buy Stable Asset Management portfolio for $270m
Make us a preferred source
Make us a preferred source on Google
More news: Navigator Global Investments has struck a USD195 million ($270 million) deal to acquire a portfolio of 17 alternative asset manager revenue share interests from New York-based Stable Asset Management, funded via a $145 million fully underwritten entitlement offer and $136 million in Navigator scrip.
The price implies a 7.4 times multiple on CY25 distributions of USD28 million.
The net revenue share interests in 17 alternative asset managers span long-short equities, private credit, quant, royalties and relative value, with USD15 billion in firm-level assets under management as at March 2026.
The deal is expected to be double-digit earnings-per-share accretive in the first full year of ownership for Navigator.
The deal comes with a long-term strategic partnership with Stable, giving Navigator a pipeline of future general partner seeding and acceleration opportunities.
Macquarie Capital is sole lead manager, bookrunner and underwriter. Aitken Mount is a co-lead manager and Morgans is a co-manager.
Navigator Global Investments enters trading halt before acquisition announcement
The news: Navigator Global Investments has entered a trading halt pending an announcement on a potential acquisition and associated equity raise.
The context: The Blue Owl-backed alternative asset management company said the raise will be conducted by way of an accelerated non-renounceable entitlement offer of new shares.
The trading halt will remain in place until the earlier of the announcement or the start of trading on Tuesday.
