Genstar Is Said in Talks to Buy First Eagle for Over $4 Billion

Private equity firm Genstar Capital is in talks to acquire a controlling stake in First Eagle Investment Management, which is majority-owned by Blackstone Inc. and Corsair Capital, according to people with knowledge of the matter.

Any transaction is set to value First Eagle at more than $4 billion, said some of the people, who asked not to be identified discussing confidential talks. No deal has been finalized and it’s possible the talks could fall apart.

Blackstone and Corsair acquired a majority stake in First Eagle in 2015 and have been working with an adviser on a sale process, ...