Brief: Magellan Financial Enters Proposed Merger With Barrenjoey

Magellan Financial

01/03/2026 21:18

March 2 (Reuters) - Magellan Financial Group Ltd MFG.AX:

PROPOSED MERGER WITH BARRENJOEY

BARRENJOEY VALUED AT A$1,616 MILLION; CONSIDERATION A$903 MILLION

PLACEMENT SEEKING TO RAISE UP TO A$130 MILLION

INTENDS TO FUND AN INITIAL INCREASED ECONOMIC INTEREST IN BARRENJOEY THROUGH A NON-UNDERWRITTEN INSTITUTIONAL PLACEMENT

WILL ACQUIRE ALL REMAINING ISSUED CAPITAL IT DOES NOT OWN IN BARRENJOEY AT TIME OF COMPLETION OF MERGER

ACQUIRE AN INCREMENTAL 10% ECONOMIC INTEREST IN BARRENJOEY FROM BARCLAYS FOR A$148.9 MILLION

INCREASED ECONOMIC INTEREST PROPOSED TO BE  FUNDED VIA NON-UNDERWRITTEN PLACEMENT, SPP AT A$8.45 PER CO SHARE

Further company coverage: MFG.AX

 ((Reuters.Briefs@thomsonreuters.com;))