Goldman Sachs (GS) announced on Monday an agreement to acquire exchange-traded fund sponsor Innovator Capital Management for ~$2B.
The expected transaction consideration is payable in a combination of cash and equity, subject to the achievement of certain performance targets.
The transaction is expected to expand Goldman Sachs Asset Management’s ETF lineup.
Innovator had $28B of assets under supervision across 159 defined outcome ETFs as of September 30.
Innovator’s over 60 employees will join the Goldman Sachs Asset Management Third-Party Wealth and ETF teams.
The transaction is estimated to close in the second quarter of 2026.