Goldman Sachs in its $2 billion acquisition of Innovator

On December 1, 2025, The Goldman Sachs Group, Inc. (NYSE: GS) announced it has entered into an agreement to acquire Innovator Capital Management (Innovator), a pioneer of defined outcome ETFs.  The transaction consideration is expected to be approximately $2 billion, payable in a combination of cash and equity, subject to the achievement of certain performance targets.  Innovator manages $28 billion of AUS across 159 defined outcome ETFs as of September 30, 2025, with capabilities to drive outcomes for clients across income, targeted buffer, and growth strategies.  The transaction will significantly expand Goldman Sachs Asset Management’s ETF lineup and future product roadmap, and enhance the firm’s offerings in one of the fastest-growing active ETF categories.

Thematically, the asset management industry is in the midst of unprecedented consolidation as concerns loom about the risks inherent in the unregulated nonbank financial services sector.  Acquisitions by regulated bank holding companies, such as Goldman Sachs, that expand the regulatory perimeter will yield important systemic benefits.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to Goldman Sachs.