We are advising Diamond Hill on the take-private transaction

Davis Polk is advising Diamond Hill Investment Group, Inc. on its sale to First Eagle Investments. First Eagle will acquire all outstanding shares of Diamond Hill for $175 per share in an all-cash transaction valuing Diamond Hill at approximately $473 million. The transaction is expected to close by the third quarter of 2026, subject to the satisfaction of customary closing conditions and regulatory approvals. Upon completion of the transaction, Diamond Hill shares will no longer trade on Nasdaq.

Diamond Hill is an independent asset manager with significant employee ownership. Its shares are listed on Nasdaq under the symbol “DHIL.” Diamond Hill’s investment strategies include differentiated U.S. and international equity, alternative long-short equity and fixed income. As of September 30, 2025, Diamond Hill’s assets under management and assets under advisement totaled $32.4 billion.

First Eagle Investments is an independent, privately owned investment management firm headquartered in New York, with approximately $176 billion in assets under management as of September 30, 2025. The firm focuses on active, fundamental and benchmark-agnostic investing, with a strong emphasis on downside mitigation. With a heritage dating back to 1864, First Eagle’s investment capabilities include equity, fixed income, alternative credit and multi-asset strategies.

The Davis Polk corporate team includes partner Evan Rosen and associate Claire Fischer. Partner Veronica M. Wissel and associate Chloe (Tianyi) Wang are providing executive compensation advice. Partner Gregory S. Rowland, counsel Matthew R. Silver and Michael W. Brasher and associate Saloni Pant are providing investment management advice. Partner Ethan R. Goldman is providing tax advice. Partner Robert F. Smith is providing sponsor finance advice. All members of the Davis Polk team are based in the New York office.

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